Consumption taxes

Nature of the tax

GST (Goods and Services Tax)

Tax rate

7%

Reduced tax rate

VAT exemptions on goods for export and international services.

Other consumption taxes

Visit the site of Inland Revenue Authority of Singapore.

Corporate taxes

Tax rate

Tax rate for foreign companies

There is no tax differential between business carried on in Singapore by residents and by non-residents. Tax is imposed on all income accrued in or derived from Singapore , and all foreign income remitted into Singapore.

Capital gains taxation

There is no capital gains tax in Singapore .

Main allowable deductions and tax credit

Interest on loans, rent paid on land and buildings, royalty payments, expenses for repairing plant and equipment, defaulted trade receivables, contributions to an approved pension fund or the Central Provident Fund, contributions to employee medical benefit plans up to 1% of total payroll expense, double-tax deductions for approved relocation and recruitment expenses when hiring foreign talent, research and development expenses, cost of building modifications for disabled employees of up to SGD 100,000.

Other corporate taxes

Visit the site of Inland Revenue Authority of Singapore.

Individual taxes

Tax rate

Allowable deductions and tax credit

Visit :Inland Revenue Authority of Singapore.

Special expatriate tax regime

To attract global talent to Singapore and to encourage companies to use Singapore as their base for regional activities, the Not Ordinarily Resident (NOR) Taxpayer Scheme took effect in 2003. To qualify for the NOR scheme, an individual must be tax resident in the current year of assessment and must not have been tax residents in the three years of assessment immediately before that year of assessment. Individuals meeting criterion are granted NOR status for five consecutive assessment years, starting from the assessment year in which they first meet the criterion.

Double taxation treaties

Countries with whom a double taxation treaty have been signed

See the list of treaties signed by Singapore

See the list of treaties signed by Singapore

Withholding taxes

Dividends: 0, Interest: 15%, Royalties: 10%

Bilateral agreement

Singapore and Tunisia are bound by a double taxation treaty: no

Sources of fiscal information

Tax Authorities

Inland Revenue Authority of Singapore

Other domestic resources

Corporate Tax system presented Ministry of Finance Singapore
Individual Tax system presented by Ministry of Finance Singapore
Tax Academy of Singapore