Individuals are either "resident" or "non-resident"
For individuals, all income derived from Singapore is liable to tax. With effect from 1 January 2004, all overseas income remitted by individuals in Singapore is not taxable, except for overseas income received in Singapore through partnerships in Singapore. Personal income is taxable at progressive rates from 0% to 20% and entitled to claim certain personal reliefs.
Current Personal Income Tax Rates in Singapore
Personal Income
Income Tax Rate
20,000
0
20,000 - 30,000
3.5%
30,000 - 40,000
5.5%
40,000 - 80,000
8.5%
80,000 - 160,000
14%
160,000 - 320,000
17%
320,000+
20%
Non-resident individuals are taxed at a flat rate of 15%.
Interest derived by a non-resident individual on monies held on deposits in an approved bank in Singapore is tax exempt.
Husband and wife in Singapore are generally treated as one taxpayer, although the wife may elect to be separately assessed on her personal income.
Regional representatives based in Singapore and employed by the representative office of an overseas company may be taxed concessional on income pro-rated based on days spent in Singapore provided certain requirements are met.
For more information on Singapore Company Incorporation, please visit http://www.rikvin.com
For more information on Singapore Accounting and tax services, please visit http://www.rikvinsingapore.com
