Singapore

General Information about Singapore Tax System Corporate Income Tax – A company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. In order to attract foreign investment, Singapore government has introduced numerous tax benefits such as tax exemption scheme for new start-up companies, partial tax exemption scheme and corporate income tax rebate. Individual Income Tax – All income earned in or derived from Singapore is chargeable to income tax. A Singapore tax resident is taxed at progressive rate with the current highest tax rate at 22%. Non-tax resident is taxed at flat rate of 15% – 22% (depends on the type of income) or the progressive resident tax rates, whichever is higher. Goods and Services Tax (GST) – Majority of the supplies of goods and services in Singapore are subject to 7% GST. In other countries, GST […]