Quick Guide on Income Tax in Singapore Singapore’s corporate and personal taxes are believed to be favorable both to local residents and foreigners. On this page, we will have a brief overview on Singapore personal income tax. Singapore’s Personal Income Tax structure is one of the friendliest and most competitive in the world. The tax year is from 1 January to 31 December in each calendar year and income is assessed on a preceding year basis. We have outlined the common key points of Singapore income tax: The amount of income tax that you have to pay depends on your tax residency in Singapore. The taxes for residents are different from non-residents. Top marginal resident tax rate of 20% kicks in at S$ 320,000 of taxable income. Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher tax amount. In general, all remuneration arising from an employment under which duties are performed in Singapore would be fully taxable irrespective of where the funds are made available to you Besides salaries and bonuses, perquisites such as housing and stock options will form part of your taxable employment income. Singapore personal income tax rates vary for local residents and non-residents. Therefore these two types of residents should be identified accordingly. A local tax resident is a natural Singaporean or Singapore Permanent Resident (SPR) if you have established your permanent home in Singapore; or foreigner who stayed/worked in Singapore for 183 days or more in previous year (excludes director of a company) while non-residents are those that fall out of these qualifications. After having this brief overview and you think you need answers on additional inquiries and concerns, you might want to consider the services of an authorized corporate solutions provider or specialist like Rikvin. Resource Box: Rikvin provides a full spectrum of corporate services under one roof for Singapore company registration, assistance to form a Singapore company, guide for income tax in Singapore, accounting, tax, work pass and related compliance services for individuals and companies worldwide.
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