Country Trading Profiles Singapore - Taxes

Tax Rates

Nature of the tax: GST (Goods and Services Tax)
Tax rate: 7%
Reduced tax rate: VAT exemptions on goods for export and international services.
Other consumption taxes: Visit the site of Inland Revenue Authority of Singapore .

Corporation tax

Tax rate for foreign companies: There is no tax differential between business carried on in Singapore by residents and by non-residents. Tax is imposed on all income accrued in or derived from Singapore , and all foreign income remitted into Singapore.
Capital gains taxation: There is no capital gains tax in Singapore .
Main allowable deductions and tax credit: Interest on loans, rent paid on land and buildings, royalty payments, expenses for repairing plant and equipment, defaulted trade receivables, contributions to an approved pension fund or the Central Provident Fund, contributions to employee medical benefit plans up to 1% of total payroll expense, double-tax deductions for approved relocation and recruitment expenses when hiring foreign talent, research and development expenses, cost of building modifications for disabled employees of up to SGD 100,000.
Other corporate taxes: Visit the site of Inland Revenue Authority of Singapore.

Individual Tax Rate	Progressive rate from 0% to 20%. Access the tax calculator.
Up to SGD 20,000	0%
From SGD 20,001 to 30,000	2%
From SGD 30,001 to 40,000	3,5%
From SGD 40,001 to 80,000	7%
From SGD 80,001 to 120,000	11.5%
From SGD 120,001 to 160,000	15%
From SGD 160,001 to 200,000	17%
From SGD 200.001 to 320,000	18%
Over 320,001	20%

Allowable deductions and tax credit: Visit :Inland Revenue Authority of Singapore.
Special expatriate tax regime: To attract global talent to Singapore and to encourage companies to use Singapore as their base for regional activities, the Not Ordinarily Resident (NOR) Taxpayer Scheme took effect in 2003. To qualify for the NOR scheme, an individual must be tax resident in the current year of assessment and must not have been tax residents in the three years of assessment immediately before that year of assessment. Individuals meeting criterion are granted NOR status for five consecutive assessment years, starting from the assessment year in which they first meet the criterion.

Countries with whom a double taxation treaty have been signed: See the list of treaties signed by Singapore; See the list of treaties signed by Singapore
Withholding taxes: Dividends: 0, Interest: 15%, Royalties: 10%
Bilateral agreement

Tax Authorities: Inland Revenue Authority of Singapore
Other domestic resources: Corporate Tax system presented Ministry of Finance Singapore
Individual Tax system presented by Ministry of Finance Singapore
Tax Academy of Singapore

Tax year: The fiscal year begins on December 1st and ends on December 31st of the next year.
Accounting standards: Singaporean accounting rules aim at giving a clear vision of the financial situation of the company. Singapore is an international financial place and thus needs to have accounting standards acceptable to the international financial community. Accounting Standards Council of Singapore (ASC) develops, review, amend and approve accounting standards for use by companies, charities, co-operative societies and societies.
Accounting regulation bodies: ICRA
Accounting reports: Income Tax Returns (Form C), Profit and Loss Statements, and Balance sheet.
Publication requirements: Each company has to produce a profit and loss account and a financial balance sheet.
Professional accountancy bodies: Institute of Certified Public Accountants of Singapore
Certification and auditing: Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can consult the Institute of Internal Auditors (IIA).
Accounting news: Singapore News
Singaporenews .wordpress.com
Accounting Standards in Singapore