A. Singapore Corporate Tax
The headline corporate tax rate in Singapore is 17%. This rate is considered one of the lowest in economically advanced countries in the world. Headline rate refers to the highest tax rate in a particular jurisdiction. For most startups and SMEs, the effective tax you pay is often much lower than the headline rate of 17% after accounting for rebates, exemptions, deductions and allowances.
Find out more about the Corporate Tax System in our article “Understanding the Corporate Tax System in Singapore”.
B. Singapore Personal Income Tax
Personal Income Tax Rates for Residents
The personal income tax system for Tax Residents in Singapore is based on a progressive tax system. This means that a different tax rate is charged progressively as income increases. Simply put, your annual personal income will be divided into different income bands with a progressive tax rate attached to the next band. The highest personal income tax rate is currently fixed at 24% effective YA2024 onwards (which is 7% higher than the current headline corporate tax rate).
The progressive rates are as follow for YA2024 (Personal income for calendar year 2023):
| Chargeable Income | Income Tax Rate (%) | Gross Tax Payable ($) |
|---|---|---|
| First $20,000 Next $10,000 |
0 2 |
0 200 |
| First $30,000 Next $10,000 |
– 3.50 |
200 350 |
| First $40,000 Next $40,000 |
– 7 |
550 2,800 |
| First $80,000 Next $40,000 |
– 11.5 |
3,350 4,600 |
| First $120,000 Next $40,000 |
– 15 |
7,950 6,000 |
| First $160,000 Next $40,000 |
– 18 |
13,950 7,200 |
| First $200,000 Next $40,000 |
– 19 |
21,150 7,600 |
| First $240,000 Next $40,000 |
– 19.5 |
28,750 7,800 |
| First $280,000 Next $40,000 |
– 20 |
36,550 8,000 |
| First $320,000 Next $180,000 |
– 22 |
44,550 39,600 |
| First $500,000 Next $500,000 |
– 23 |
84,150 115,000 |
| First $1,000,000 In excess of $1,000,000 |
– 24 |
199,150 |
Personal Income Tax rates for non-resident individuals
Employment income
Your employment income is taxed at 15% or resident rate, whichever gives rise to a higher tax amount.
Director’s fees, consultation fees & all other income
The director’s fees, consultation fees and all other income that you received are taxed at 24% effective YA2024 onwards.
C. Other Forms of Taxes
Property Tax Rates
PROGRESSIVE TAX RATES FOR NON-OWNER-OCCUPIED RESIDENTIAL PROPERTIES
| Annual Value ($) | Effective 1 Jan 2024 | Property Tax Payable |
|---|---|---|
| First $30,000 Next $15,000 |
12% 20% |
$3,600 $3,000 |
| First $45,000 Next $15,000 |
– 28% |
$6,600 $4,200 |
| First $60,000 Above $60,000 |
– 36% |
$10,800 |
PROGRESSIVE TAX RATES FOR OWNER-OCCUPIED HOMES
| Annual Value ($) | Effective 1 Jan 2024 | Property Tax Payable |
|---|---|---|
| First $8,000 Next $22,000 |
0% 4% |
$0 $880 |
| First $30,000 Next $10,000 |
– 6% |
$880 $600 |
| First $40,000 Next $15,000 |
– 10% |
$1,480 $1,500 |
| First $55,000 Next $15,000 |
– 14% |
$2,980 $2,100 |
| First $70,000 Next $15,000 |
– 20% |
$5,080 $3,000 |
| First $85,000 Next $15,000 |
– 26% |
$8,080 $3,900 |
| First $100,000 Above $100,000 |
– 32% |
$11,980 |
Goods and Services Tax
| TYPE OF SUPPLY | RATE |
| STANDARD RATED SUPPLIES | 8% for 2023 and 9% from 2024 onwards |
| ZERO RATED SUPPLIES | 0% |
| EXEMPT SUPPLIES | 0% |
