A Quick Guide of Personal Income Tax Singapore



Like other jurisdictions in the world, Singapore has its own tax system. It consists of both personal income tax and corporate income tax. The best thing about the Singapore tax system that makes it one of the finest tax systems is that its personal income tax rate is one of the lowest rates in the world. In Singapore, the personal tax liability and the amount of taxable income is determined by the tax residency as per the tax law.

  • The Singapore tax system is one of the finest tax systems in the world due to many reasons. Here are some key points of personal income tax in Singapore.
  • The personal income tax rate in Singapore is progressive, It starts from 0% and ends at 22% for above $3,20,000 amount.
  • The Singapore tax system does not impose any tax on capital gain and inheritance, and this is one of the biggest positives of the Singapore tax system.
  • All types of incomes generated in Singapore are taxable for individuals but if any individual is working abroad then he/she is exempted from this.
  • One thing is noticeable in Singapore tax system and that is tax rules could vary from individuals to individuals as per their tax residencies.
  • April 15 of each year is the due date for tax filing in Singapore.

Comments

Post a Comment