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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