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Rate - 17%
Filing deadline of Estimated Chargeable income (ECI) - Within 3 months after the financial year end
Filing deadline of tax return, tax computation and unaudited / audited accounts - 30 November
Payment due date - Tax assessed has to be paid within 30 days from the date of the Notice of Assessment unless the Company has been allowed to pay the tax by instalment. The instalment payment plan is generally allowed only for the payment of tax assessed on an ECI.
YA2019 - 20% of tax payable, capped at $10,000
YA2020 - 25% of tax payable, capped at $15,000
YA2021 - NIL
First $10,000 of chargeable income is 75% exempt - $7,500
Next $190,000 of chargeable income is 50% exempt - $95,000
Total - $102,500
First $100,000 of chargeable income is 75% exempt - $75,000
Next $100,000 of chargeable income is 50% exempt - $50,000
Total - $125,000
Withholding tax is to be accounted to the Comptroller of Income Tax by the 15th of the second month following the date of payment to the non-resident.
The withholding tax rates may be reduced under tax incentives or Tax Treaties.
Interest - 15%*
Dividends - NIL
Royalties - 10%*
Technical fees for services performed in Singapore - 17%
Management fee for services performed in Singapore - 17%
Rental or other payments for moveable property - 15%*
Remuneration paid to non-resident director - 22% (20% prior to 2016)
Professional fee (of non-resident individual or foreign (firm) - 15% on gross/ 22% on net (20% prior to 2016)
Public Entertainer - 15%/10% (10% applies for payment made during period from 22 February 2010 to 31 March 2022)
Charter fees (ships) - 0%
Charter fees (aircraft) - 0-2%
* These rates are final taxes for operations carried out outside Singapore. For operations carried on in Singapore, 17% will apply to non-resident non-individuals and 22% will apply to non-resident individuals.
All related party transactions should be conducted at arm’s length, i.e. treating the related parties as if they were unrelated third parties.
Contemporaneous transfer pricing documentation ("TPD") is required by taxpayers if they meet any one of the conditions below:
There are certain de minimis thresholds for specific transactions for preparing transfer pricing documentation as follows
Purchase of goods from all related parties - $15 million
Sale of goods to all related parties - $15 million
Loans owed to/by all related parties - $15 million
All other categories of related party transactions - $1 million (per category of transactions)
Examples include service income/ payment, royalty income/ payment, rental income/ payment.
Standard rate - 7% (Standard rate to increase to 9% sometime between 2022 and 2025.)
Export of goods and international services - 0%
Sale and lease of residential properties and financial services are exempted from tax.
Registration threshold - $1 million
Filing and payment deadline - 1 month after end of GST accounting period. Generally quarterly but can be monthly. Where a company is on a GIRO plan (a direct debit plan) for GST payment, GIRO deductions are on the 15th day of the month after payment due date.
Businesses not entitled to full GST recovery must account for GST on imported services.
Overseas suppliers and e-marketplace operators, making significant supplies of “digital services” to local customers are liable to register for GST in Singapore.
From 1 January 2023 overseas suppliers and e-marketplace operators, making significant supplies of “remote services” to local customers, will need to register for GST in Singapore.
Deadline for Stamp Duty: To be stamped and paid within 14 days from date of execution if signed in Singapore or 30 days from receipt of document in Singapore if signed overseas
First $180,000 - 1%
Next $180,000 - 2%
Next $640,000 - 3%
Amount exceeding $1,000,000 - 4%
Foreigners buying any residential property - 20%
Entities buying any residential property - 25% (may be reduced) (plus additional 5% for Housing developers)
Singapore permanent residents buying a first residential property - 5%
Singapore permanent residents buying a second and subsequent residential property - 15%
Singapore citizens buying a second residential property - 12%
Singapore citizens buying a third and subsequent residential property - 15%
Property disposed of within one year of purchase - 12%
Property disposed of within more than one year and up to two years of purchase - 8%
Property disposed of within more than two years and up to three years of purchase - 4%
Property disposed of within one year of purchase - 15%
Property disposed of within more than one year and up to two years of purchase - 10%
Property disposed of within more than two years and up to three years of purchase - 5%
Higher of purchase price or market value of the shares - 0.2%
Maximum mandatory contributions for individuals below the age of 55 years and earning more than $750 per month with effect from 1 January 2016
Rates of CPF contributions
Maximum monthly ordinary wages (OW) attracting CPF - $6,000
Maximum annual OW attracting CPF - $72,000
Maximum annual additional wages attracting CPF - $102,000 less OW subject to CPF
Filing deadline - 15 April (paper file) / 18 April (e-file) / 30 June (bulk extension by tax preparer).
Payment due date - Tax assessed has to be paid within 30 days from the date of the Notice of Assessment unless the taxpayer is allowed to pay by instalment through GIRO (a direct debit plan)
| Chargeable income ($) | Tax rate (%) | Tax ($) | |
| On the first | 20,000 | 0 | 0 |
| On the next | 10,000 | 2 | 200 |
| On the next | 10,000 | 3.5 | 350 |
| On the next | 40,000 | 7 | 2,800 |
| On the next | 40,000 | 11.5 | 4,600 |
| On the next | 40,000 | 15 | 6,000 |
| On the next | 40,000 | 18 | 7,200 |
| On the next | 40,000 | 19 | 7,600 |
| On the next | 40,000 | 19.5 | 7,800 |
| On the next | 40,000 | 20 | 8,000 |
| Above | 320,000 | 22 |
| Earned income | Standard (max) | Handicapped (max) |
| Below 55 years | $1,000 | $4,000 |
| 55 to 59 years | $6,000 | $10,000 |
| 60 years and above | $8,000 | $12,000 |
| Spouse relief | $2,000 | $5,500 |
| Qualifying child relief (per child) | $4,000 | $7,500 |
Personal income tax relief cap -
With effect from YA 2018, the total personal income tax relief claim is capped at $80,000.
First child - 15%
Second child - 20%
Third child and beyond - 25%
Maximum cumulative WMCR - 100%
Maximum relief per child inclusive of child/handicapped child relief - $50,000
|
Standard (max) |
Handicapped (max) |
|
|
Not living in the same household |
$5,500 |
$10,000 |
|
Living in the same household |
$9,000 |
$14,000 |
|
Grandparent caregiver relief |
$3,000 |
|
|
Dependent handicapped sibling relief |
$5,500 |
|
|
Life assurance relief |
$5,000 (max) |
Voluntary CPF contribution of self-employed - Capped at $37,740 or 37% of assessable trade income whichever is lower
CPF cash top up (self, spouse, sibling, parent, grandparent) - $7,000 (max)
CPF relief - $20,400 (max)
Course fees - $5,500 (max)
|
|
Non-key appointment holder |
Key appointment holder |
|
Active NSman |
$3,000 |
$5,000 |
|
Non-active NSman |
$1,500 |
$3,500 |
|
Wife/widow/parent of NSman |
$750 |
$750 |
|
Foreign maid levy relief |
$10,800 (max) |
Foreigners - $35,700 (max)
Singaporeans and Singapore permanent residents - $15,300 (max)
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