PERSONAL TAX
Singapore Personal Tax: Must-Knows
Singapore has one of the world’s lowest personal income tax rates. To determine an individual’s income tax liability in Singapore, it is important to consider their tax residency, chargeable income, and apply the progressive tax rate. Key points regarding Singapore’s income tax for individuals are:
- Singapore follows a progressive tax rate ranging from 0 percent to 22 percent for income above S$320,000.
- There are no capital gains or inheritance taxes in Singapore.
- Only income earned within Singapore is subject to taxation for individuals. Income earned overseas is generally not taxed, with a few exceptions.
- Tax rules vary depending on the individual’s tax residency.
- Income tax is assessed on a preceding year basis.
Learn more about personal income tax rates and take note of these important key dates related to filing personal tax in Singapore:
- Employers are required to prepare IR8A by 1st March each year.
- The deadline for employees to file Form B or B1 is 15 April. If you choose to e-File, you have until 18 April to do so.
- Partnerships are required to file Form P by 15 April. If you choose to e-File, you have until 18 April to do so.
Frequently Asked Questions & Answers
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