Due Dates for Singapore Personal Income Tax in 2016
The Singapore personal income tax rates in 2016 are lower than the rates in most of the other jurisdictions. The Singapore Personal Income Tax System is one of the friendliest in the world, as the rates are progressive in nature.
Most of the Singaporean taxpayers e-file their Singapore personal income tax. Still there are a few individuals who trust in paper-filing it. IRAS accommodates them by sending relevant paper tax return between February and March. A large percentage of Singapore employers participate in the Auto-Inclusion Scheme (AIS), due to which their employees do not need to declare their employment income.
Due Date for Personal Income Tax Filing in 2016
In Singapore, the assessment of income tax is done on the preceding year basis. The tax year of Singapore is from January 1 to December 31 and the due date for paper-filing income tax returns is 15 April 2016. If you are e-filing them then the due date for it is 18 April 2016.
The non-resident individuals of Singapore are taxed at a flat rate of 15% or according to the existing income tax rates for the locals, whichever amounts to a higher income tax amount. It also depends on the duration of their stay.
Singapore Personal Income Tax Rates for 2016
The table below shows the personal income tax rates of Singapore, before tax rebate:
| Personal Income Tax Rates Applicable for YA 2012 to YA 2016 | |
| Chargeable Income (S$) | Tax Rate (%) |
| Less than 20,000 | 0 |
| 20,001-30,000 | 2 |
| 30,001 to 40,000 | 3.5 |
| 40,001- 80,000 | 7 |
| 80,001- 120,000 | 11.5 |
| 120,001-160,000 | 15 |
| 160,001-200,000 | 17 |
| 200,001-320,000 | 18 |
| Above 320,000 | 20 |
Tax Treatment of Benefits Provided By the Singapore Employer
During the period of employment in Singapore, employers are entitled to offer certain fringe benefits to his/her employees, which are taxable under the Singapore taxation system. Fringe benefits are the gains and profit that employees receive from their employer in Singapore. These benefits are taxed under special concessionary basis, thereby resulting lower income tax rates to them. Below mentioned are some of the notable tax benefits:
- Medical reimbursements for dependents other than taxpayer, spouse and children
- Housing allowance
- Overtime (OT) payments
- Vehicle provided by the employer as conveyance.
- Fixed monthly allowances for transportation purposes.
- Allowances given by the employer for business trips abroad (Per Diem allowances).
- Fixed monthly allowances for meal or food.
Treatment of Taxes on Overseas Income
In general, the income earned overseas by any Singaporean employee on or after 1 January 2004, is not taxable, as per the guidelines put forth by IRAS (Inland Revenue Authority of Singapore). However, there are certain exceptions wherein the overseas income becomes taxable in Singapore.
- If the overseas employment of an individual is in relation to his/her Singapore employment.
- If the income earned overseas is received through partnerships in Singapore.
- If an individual is working overseas at the behest of the Singaporean government.
Increased Singapore Individual Income Tax Rates for the YA 2017
Singapore individual income tax rates were stable for almost a decade. Singapore Budget 2015, announced the increase in these rates, though the new rates will not come in force till the Year of Assessment 2017. Singaporean taxpayers earning more than S$160,001 will have to shell out a little more tax amount than they do now. The changes are aimed at generating additional funding required to finance the social development in Singapore.
| Personal Income Tax Rates Applicable for YA 2017 & Onwards | |
| Chargeable Income (S$) | Tax Rate (%) |
| Less than 20,000 | 0 |
| 20,001-30,000 | 2 |
| 30,001 to 40,000 | 3.5 |
| 40,001- 80,000 | 7 |
| 80,001- 120,000 | 11.5 |
| 120,001-160,000 | 15 |
| 160,001-200,000 | 18 |
| 200,001-240,000 | 19 |
| 240,001-280,000 | 19.5 |
| 280,001-320,000 | 20 |
| 320,001 and Above | 22 |
TaxationServices.com.sg provides you with income tax planning services, guidance for saving tax on your personal income and many more Singapore tax services. Furthermore, we also help you in the process of filing income tax returns with IRAS along with other related formalities.
Please feel free to contact us on +65-6536 0036 or drop in an email at info@taxationservices.com.sg
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