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Individual income tax in Singapore is currently based on the progressive tax system (for local residents and tax residents) with tax rate varied upto 22% since Year of Assessment (YA) 2017. YA is based on calendar year from 1 January to 31 December and is payable based on income earned in the preceding year.
Corporate income tax is based on the “source” principle, ie. where the income earned in Singapore, or those derived from overseas but received in Singapore, are taxable. Any income arising from sources outside Singapore and received in Singapore on or after 1 January 2004 by an individual (other than partners of a partnership) is exempted.
With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. Tax exemption, however, is available for new start-up companies (where any of the first 3 YAs falls in YA 2010-2019) as follows:
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Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
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