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Singapore Income Tax Rate for Year of Assessment (YA) 2017 onwards for 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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