Personal income tax

Individuals (resident and non-resident), are only liable to income tax in respect of income accruing in or derived from Singapore. The tax year is the calendar year.

Filing deadline

  • Paper file - 15 April
  • E-file - 18 April
  • Bulk extension by tax preparer - 30 June

 

Notice of assessment

Most taxpayers should receive their Notice of Assessment from end of April onwards. These are issued in batches so some taxpayers may receive them earlier than others.
Tax assessed has to be paid within 1 month from the date of the Notice of Assessment unless the taxpayer is allowed to pay by instalment through GIRO (a direct debit plan). If you disagree with the tax assessment, you have 30 days to file an objection.

 

From YA2024, two new personal income tax (PIT) rates of 23% and 24% will be introduced on top of the existing progressive tax rates.

Rates (before YA 2024)

Chargeable income (SGD) - Tax rate

  • On the first  20,000 - 0% 
  • On the next 10,000 - 2%
  • On the next 10,000 - 3.5%
  • On the next 40,000 - 7%
  • On the next 40,000 - 11.5%
  • On the next 40,000 - 15%
  • On the next 40,000 - 18%
  • On the next 40,000 - 19%
  • On the next 40,000 - 19.5%
  • On the next 40,000 - 20%
  • In excess of 320,000 - 22% (the rate will change from YA2024)
Rates (from YA 2024)

From YA2024, two new personal income tax (PIT) rates of 23% and 24% will be introduced on top of the existing progressive tax rates.

Chargeable income (SGD) - Tax rate

  • On the first    20,000 - 0%
  • On the next   10,000 - 2%
  • On the next   10,000 - 3.5%
  • On the next   40,000 - 7%
  • On the next   40,000 - 11.5%
  • On the next   40,000 - 15%
  • On the next   40,000 - 18%
  • On the next   40,000 - 19%
  • On the next   40,000 - 19.5%
  • On the next   40,000 - 20%
  • On the next 180,000 - 22%
  • On the next 500,000 - 23%
  • In excess of 1,000,000 - 24%

Central Provident Fund

Singapore Citizens and Permanent Residents are subject to Central Provident Fund (CPF) contributions on their employment income.

For the first two years of an employee obtaining Singapore Permanent Resident status, both employer and employee will contribute CPF at graduated rates, unless both parties jointly apply to contribute CPF at a higher rate.

Contribution rates (monthly wages > $750) by employer

Employee's age (years) 

  • 55 and below - 17% of wage
  • Above 55 to 60 - 14.5% of wage
  • Above 60 to 65 - 11% of wage
  • Above 65 to 70 - 8.5% of wage
  • Above 70 - 7.5% of wage

 

The monthly contribution rates were increased on 1 January 2023. Prior to 1 January 2023, monthly contribution rates were as follows:

Employee's age (years)

  • 55 and below - 17% of wage
  • Above 55 to 60 - 14% of wage
  • Above 60 to 65 - 10% of wage
  • Above 65 to 70 - 8% of wage
  • Above 70 - 7.5% of wage

Singapore’s excellent strategic location and globalised economy make it an attractive business hub for organisations looking to build their presence in Southeast Asia and Asia-Pacific.

If you are planning on doing business in Singapore, knowledge of the investment environment and information on legal, accounting and taxation framework are essential to keep you on the right track.

This guide will provide you with insights into the key aspects of investing and undertaking business in Singapore. It makes reference to some of the most common issues companies might face when expanding into the city-state.

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