Since paying Taxes for an individual or a company is a mandatory legal aspect we wish to make this task simple and easy for you by giving below the required information in detail. Just browse through our section wise information on Singapore Taxation and relieve your self of the online Tax Paying complications and at the same time derive all the benefits provided to an individual or a company regarding ways of saving tax and calculate income tax rates by tax calculator Singapore.
Below section provides complete overview, which includes personal income tax rates, corporate tax, property tax, tax saving & online paying complications and more information.
Overview of Taxation in Singapore
The overall Singapore taxation system
is quite progressive and competitive as compared to many countries. Whether it is the corporate tax, personal tax, property tax, goods and services tax or withholding tax, the government provides ample benefits & exemptions to its tax residents thereby making it an ideal destination for growth and prosperity.
Singapore Personal Income Tax Rates
The concerted & progressive efforts of the Singapore government have ensured that the Singapore personal income tax rates
remain quite competitive and low, starting from 0% for income below S$20,000 to a maximum of 20% for income above S$320,000.
Singapore Personal Income Tax Guide
The personal income tax
system of Singapore has attracted huge attention in recent times due to the progressive manner in which the tax rates have been reduced. Also, the tax rebate benefits it offers to the Singapore citizens, makes it one of the strong reasons for foreigners to relocate to Singapore.
Singapore Personal Tax Rates for Non-Residents
If a foreign professional stays in Singapore for less than 183 days, then he/she will be treated as a non-resident for tax purposes. If you work in Singapore for 60 days or less, then you will be exempted from paying tax, while if you work for 61-182 days, you will be taxed at 15% or resident rates; whichever amounts to higher tax.
Singapore Property Tax Information
The Singapore regime primarily encourages the owner based properties in the country by allowing them to pay as less as 0% to a maximum of 6% as property tax
. However, the non-owner based properties are taxed at a flat rate of 10%.
Singapore Corporate Tax Compliance Service
The services of corporate tax
include income tax calculation on a monthly/quarterly/yearly basis, income tax filing with IRAS (Inland Revenue Authority Singapore), compliance with the latest tax rules and regulations of IRAS and issuance of advisory on tax savings.
Singapore Withholding Tax Guide
The withholding tax
is levied on non-resident individuals and companies whose source of income is a Singapore individual or company, for the services they provide in Singapore. The types of such taxable income include royalties, management fees, interests, service charges etc. Such incomes are charged at tax rates ranging from 0% to 15%.
Singapore Double Tax Treaties Guide
In order to relieve the burden of Singapore tax payers from being taxed by more than one country on same taxable income, the Singapore government has entered into Double Tax Agreement (DTA) with over 70 countries. This also immensely benefits the Singapore businesses by making them avoid being taxed twice.
Singapore Goods and Services Tax (GST)
The Singapore GST
rate stands at a flat 7% and is applicable to businesses whose turnover is in excess of S$1 million. However, companies in Singapore can even register voluntarily for GST in order to avail certain key benefits. Also, there are several schemes which permit a Singapore GST registered company to completely avoid paying GST or reduce it.