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Singapore Taxation Overview

Taxation-Overview

We at TaxationServices.com.sg provide a comprehensive Singapore taxation overview for all our clients. We also help you become familiar with the current tax rates. A quick tip from the tax system as per the 2015 budget changes; there is no tax on capital gains in Singapore.

Undoubtedly, Singapore is one of the most open economies in the world. With one of the highest GDP and regarded as a pro-business nation, Singapore attracts a huge chunk of foreign direct investment. The progressive tax regime of the country is one of the major reasons behind foreigners choosing this island nation for incorporating their businesses. Due to the lower, compatible ad flexible tax systems, Singapore encourages foreigners to work and stay here. So let us take a brief look at the overview of Singapore Taxation.

Key Features of Taxation Singapore

  • Singapore taxes are one of the lowest and most progressive in the world.
  • As a Singapore employee, you can avail tax benefits on a concessionary basis of the grants and facilities provided by your employer in Singapore like housing allowance, vehicle or car, medical reimbursements and so on.
  • There are various schemes introduced by the Singapore government benefiting the new start-up companies incorporated in Singapore like full tax exemption on the first S$100,000 of their taxable income for each of the initial 3 years.
  • There is no tax on capital gains in Singapore.
  • The one-tier tax system introduced on January 1, 2003 exempts tax on dividends paid to the shareholders.
  • The headline corporate tax rate in Singapore stands at a flat 17%.
  • The personal income tax rate of Singapore is capped at 22% starting from 0%.
  • The introduction of Goods and services tax (GST) Singapore further gives a boost to the Singaporean economy as well as to the Singapore incorporated companies.

TaxationServices.com.sg avails you a full range of tax services including corporate tax, personal tax, GST, withholding tax and so on. We assist you in the tax filing process and other related formalities in order to simplify your business administrative tasks.

Please feel free to contact us on +65-6536 0036 or drop in an email at info@taxationservices.com.sg

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