Taxes in Singapore
Investors choose Singapore for doing business for a variety of reasons. The key is the ease of founding a company and running a business. Another advantage of Singapore is its tax regime, famous for its attractive tax rates for companies and individuals, tax incentives, no capital gains tax, one-tier taxation system, and numerous treaties to avoid double taxation.
What are the taxes
Tax is imposed on all income of individuals, including corporations, partnerships, trustees, and groups of persons (excluding income from the sale of fixed assets), which is received in Singapore or from Singapore sources, as well as from certain foreign sources as a result of trade, work or business.
Tax rates
The table below outlines several of the most prevalent tax types along with their associated rates.
| Tax | Tax Rate |
|---|---|
| GST | 9% |
| Corporate income tax | 17% |
| Personal income tax | 0% – 24% |
| Dividend tax | 0% |
| Capital Gains tax | 0% – 22% (under income tax) |
| Property tax | 0% – 36% |
| Inheritance tax | 0% |
| International tax | 0% – 24% (Varies by income type) |
| Cryptocurrency tax | 0% |
Request bookkeeping solution
If you are planning to have a company in Singapore, it is mandatory to do accounting and complete all taxation rules according to Singapore’s laws. We carry out the accounting of the client following the laws of Singapore. We solve all accounting-related issues in your company. All that is necessary from you is to deliver the necessary documents every month before the specified date.
Tax system
Singapore is one of the centers of attraction for world financial resources and investments. The country’s popularity for individuals and businesses is not least due to the loyalty of the fiscal system. Even though Singapore is not offshore, here you can get significant tax benefits, avoid double taxation, and pay contributions to the budget from capital gains. The system of the country is one-level.
- Income tax is levied on the income of individuals and companies.
- Property tax is withheld from property owners based on the expected rental value of that property.
- Motor vehicle taxes are taxes levied on motor vehicles in addition to import duties. The purpose of these taxes is to limit the number of cars owned and reduce road congestion.
- Customs and Excise Duties – Singapore is a free port with relatively few import and excise duties. Excise taxes are mainly levied on tobacco products, oil products, and alcoholic beverages. In addition, import duties apply only to a limited list of goods. These goods primarily include vehicles, tobacco products, alcoholic beverages, and petroleum products.
- Goods and Services Tax (GST) is a consumption tax. It is payable when purchasing goods and services, including those imported. In many other countries, this indirect tax is also known as value-added tax (VAT).
- Betting Tax is a tax levied on private lotteries, betting, and sweepstakes games.
- Stamp duty is levied on commercial and legal documents related to securities, shares, and real estate.
- Others – This includes major taxes such as the foreign worker levy and airport passenger service levy. The Foreign Workers Levy is intended to regulate the employment of foreign workers in Singapore.
Business in Singapore
Our company provides services for setting up a company in Singapore. The specialists of our company have the necessary knowledge, experience, and qualifications. We can offer a consultation with taxes in Singapore. In addition, we also provide business support, accounting, and other services necessary for your business. Our specialists have vast experience in this field of activity. We will be happy to help you successfully open a business in Singapore.
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Disclaimer
Tax laws and regulations undergo frequent changes and can differ depending on personal circumstances. The information given here serves as general guidance and may not represent the latest updates. It is strongly advised to seek the expertise of a qualified tax professional for specific and current advice tailored to your situation.