National regulation and international agreements

Consumption taxes

Nature of the tax

GST (Goods and Services Tax)

Tax rate

7% (Standard)

Reduced tax rate

0% (goods for export and international services)

Other consumption taxes

Visit the site of Inland Revenue Authority of Singapore.

Corporate taxes

Tax rate

Corporation tax	:	18% ( 2008 onwards). For details, visit: Inland Revenue Authority of Singapore
Local taxes	:	Nil
Effective taxation	:	18%

Tax rate for foreign companies

There is no tax differential between business carried on in Singapore by residents and by non-residents. Tax is imposed on all income accrued in or derived from Singapore , and all foreign income remitted into Singapore.

Capital gains taxation

There is no capital gains tax in Singapore .

Main allowable deductions and tax credit

Interest on loans, rent paid on land and buildings, royalty payments, expenses for repairing plant and equipment, defaulted trade receivables, contributions to an approved pension fund or the Central Provident Fund, contributions to employee medical benefit plans up to 1% of total payroll expense, double-tax deductions for approved relocation and recruitment expenses when hiring foreign talent, research and development expenses, cost of building modifications for disabled employees of up to SGD 100,000.

Other corporate taxes

Visit the site of Inland Revenue Authority of Singapore.

Individual taxes

Tax rate

Personal tax rate	:	Up to 20% (2007 onwards)   Click here to visualize the method of calculation.
Local taxes	:	Nil
Effective taxation	:	Up to 20%

Allowable deductions and tax credit

Visit :Inland Revenue Authority of Singapore.

Special expatriate tax regime

To attract global talent to Singapore and to encourage companies to use Singapore as their base for regional activities, the Not Ordinarily Resident (NOR) Taxpayer Scheme took effect from assessment year 2003. To qualify for the NOR scheme, an individual must be tax resident in the current year of assessment and must not have been tax residents in the three years of assessment immediately before that year of assessment. Individuals meeting criterion are granted NOR status for five consecutive assessment years, starting from the assessment year in which they first meet the criterion.

Double taxation treaties

Countries with whom a double taxation treaty have been signed

Inland Revenue Authority of Singapore

Ministry of Finance, Singapore

Whithholding taxes

Bilateral agreement

Sources of fiscal information

Tax Authorities

Inland Revenue Authority of Singapore

Other domestic resources

Tax system as seen by Ministry of Finance Singapore

Tax Academy of Singapore