Singapore Income Tax Rate for 2018- 2019. Resident Individuals and Foreigners.

 

INCOME TAX RATE FOR RESIDENTS

From Year of Assessment (YA) 2017 onwards

Chargeable Income Income Tax Rate Income Tax Amount
upto $ 20,000 Nil Nil
$ 20,000 - $ 30,000 2% 200
$ 30,000 - $ 40,000 3.5% 550
$ 40,000 - $ 80,000 7% 3,350
$ 80,000 - $ 1,20,000 11.5% 7,950
$ 1,20,000 - $ 1,60,000 15% 13,950
$ 1,60,000 - $ 2,00,000 18% 21,150
$ 2,00,000 - $ 2,40,000 19% 28,750
$ 2,40,000 - $ 2,80,000 19.5% 36,550
$ 2,80,000 - $ 3,20,000 20% 44,550
Above $ 3,20,000 22% 44,550 + 22% of amount exceeding $3,20,000

 

Personal Tax Rebate

Personal Tax Rebate upto 20% of tax payable subject to maximum of $ 500 is granted to tax residents.

 

Income Tax Rate YA 2013 to 2016

Chargeable Income Income Tax Rate Income Tax Amount
upto $ 20,000 Nil Nil
$ 20,000 - $ 30,000 2% 200
$ 30,000 - $ 40,000 3.5% 550
$ 40,000 - $ 80,000 7% 3,350
$ 80,000 - $ 1,20,000 11.5% 7,950
$ 1,20,000 - $ 1,60,000 15% 13,950
$ 1,60,000 - $ 2,00,000 17% 20,750
$ 2,00,000 - $ 3,20,000 18% 42,350
Above $ 3,20,000 20% 42,350 + 20% of amount exceeding $3,20,000

 

Personal Tax Rebate for YA 2015

Personal Tax Rebate upto 50% of tax payable subject to maximum of $ 1000 is granted to tax residents.

 

Personal Tax Rebate for YA 2013

Personal Tax Rebate upto maximum of $ 1500 is granted to tax residents as described below:

- Tax Payers below 60 years as on 31.12.2012 - 30%

- Tax Payers above 60 years as on 31.12.2012 - 50%

 

 

INCOME TAX RATE FOR NON RESIDENTS IN SINGAPORE

Income tax on Employment Income

The employment income on non residents is taxed at flat rate of 15% or progressive resident tax rates, whichever is higher tax amount.

 

Taxes on Director Fee, Consultation Fee and All other Income

The Income tax rates for non-resident individuals (except certain reduced final withholding tax rates) has been raised from 20% to 22% from YA 2017 onwards. This is to maintain parity between the tax rates of non-resident individuals and the top marginal tax rate of resident individuals.

 

  Type of Income Non Resident Individual Tax Rate / Withholding Tax Rates from YA 2017
(a) Director Remuneration 22%
(b) Income from activity as non resident professional (Consultant, trainer, coach etc) 15% of Gross Income or 22% of Net Income
(c) Income Received from activity as non resident public entertainer (Artiste, Musician, Sportsman etc) 10% Concessionary Rate
(d) Other Income (e.g. Property, rental income) 22%
(3) SRS withdrawn by non resident SRS member 22%
(f) Interest, Royalty etc Reduced withholding tax rate (subject to conditions)

- Interest : 15%

-Royalty : 10%

Or

22% if withholding tax rate is not applicable

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