Tax Facts
Tax authority
Inland Revenue Authority of Singapore
Web: www.iras.gov.sg
Tax year
1 January – 31 December
Accounting period ending other than 31 December is acceptable. Profits arising in an accounting period ending other than 31 December are not apportioned.
2015 income tax rates
Corporate tax rate: 17%
| Resident individuals: | |
| Taxable income (S$) | Tax |
| 20,000 | Nil + 2% on excess |
| 30,000 | S$200 + 3.5% on excess |
| 40,000 | S$550 + 7% on excess |
| 80,000 | S$3,350 + 11.5% on excess |
| 120,000 | S$7,950 + 15% on excess |
| 160,000 | S$13,950 + 17% on excess |
| 200,000 | S$20,750 + 18% on excess |
| 320,000 | S$42,350 + 20% on excess |
Non-resident individuals: 20% flat rate; employment income at the higher of 15% or the resident rate.
VAT/GST
GST at a rate of 7% is levied on most goods and services.
Capital gains tax (CGT)
No capital gains tax as such, but capital gains may be construed or deemed to be income in nature and subject to income tax if derived from activities of a trade or business carried on in Singapore.
Losses
Trading losses may be offset against all income received in the same accounting period or carried forward indefinitely and offset against future trading profits, subject to the satisfaction of a substantial shareholding test. Losses up to S$100,000 incurred in a current year may be carried back one year.
Treaty network
69 treaties in effect
Withholding tax (non-residents)
| Interest | 15% |
| Dividends | Nil |
| Royalties | 10% |
Group consolidation
The losses and unutilised capital allowances of one company may be utilised for tax purposes by another company in the same group. For group relief purposes, a group refers to a Singapore incorporated parent and all its Singapore incorporated subsidiaries.
CFC rules
None
Thin capitalisation restrictions
None
Currency
Singapore dollar - S$
Exchange controls
None
