Best place to outsource all your accounting needs!

Business packages & Fees

Singapore Taxation Overview

Singapore-Taxation-Overview

The Singapore tax structure is renowned for its progressiveness and the manner in which it offers a range of tax benefits to businesses and individuals alike. However, it is important not to misconstrue the competitiveness of Singapore taxation as a tax haven. For this reason, let us take a brief look at the overview of Singapore tax system.

The progressive regime of Singapore has given the economic environment and the business friendliness of the country a huge boost. More and more investors are turning towards Singapore and there is also a considerable increase in the number of foreign businesses setting up their operations in Singapore. One of the important factors that contribute to the growth of this nation is the Singapore taxation system. Over the years, the successive Singapore governments have introduced steady progressive tax budgets that make Singapore an ideal place for all business entities and individuals alike. Here, we will guide you through the overview of the taxation system in Singapore.

Important Features of Singapore Taxation

  • The taxation system of Singapore is considerably low and very competitive compared to the rest of the countries.
  • As a resident of Singapore you reap the taxable benefits of the income tax system of Singapore like housing and accommodation allowance, medical reimbursements, transportation allowances etc from your employer in Singapore.
  • The Singapore regime also introduced schemes whereby the new start-up companies incorporated in Singapore are eligible for full tax exemptions on the first S$100,000 of their taxable income for each of the initial 3 years.
  • The flexibility of the corporate income tax Singapore has resulted in tax waiver on the capital gains of any company.
  • The one-tier tax system that came into effect since January 1, 2003 states that the tax paid by a company on its normal taxable income is the final tax and the dividends paid to the shareholders are not taxed.
  • The headline corporate tax rate in Singapore is a flat 17%.
  • The personal income tax rates in Singapore start at 0% and capped at 20%.
  • On April 1, 1994, Singapore government introduced the goods and services tax that is imposed on all the supplies of goods and services in Singapore. This resulted in the reduced operating cost of business and gave a positive signal to the customers who viewed the company as an established entity.
Please feel free to contact us on +65 6536 0036 or drop in an email at info@accountingservice.com.sg

Want to engage us for this service? Get Started

Your Name*:

Your Email*:

Your Phone*:

I am interested in* :

Singapore Taxation OverviewTax System & Tax RatesGST–Goods and Services TaxPersonal TaxCorporate/Company TaxProperty TaxDouble Tax TreatiesWithholding TaxTax for Non-ResidentsTaxation for InternsTax CalculatorECI (Estimated Chargeable Income)

Message:

 

captcha

I am interested in* :

Singapore Taxation OverviewTax System & Tax RatesGST–Goods and Services TaxPersonal TaxCorporate/Company TaxProperty TaxDouble Tax TreatiesWithholding TaxTax for Non-ResidentsTaxation for InternsTax CalculatorECI (Estimated Chargeable Income)

Your Name*:

Your Email*:

Your Phone*:

Message:

captcha