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Tax
The personal income of residents in Singapore is subject to
income tax calculated on a sliding scale ranging from 2 percent
on the first $5,000 to 28 percent on income greater than $400,000.
For expats working in Singapore, the amount of income tax you
have to pay to the Singaporean government depends on several
criteria:
-
Whether you are treated as a tax resident
or a non-tax resident of Singapore.
-
How much income you earn.
-
Whether your home country has a tax treaty
with Singapore, as well as the provisions of the treaty (Singapore
has tax treaties or some form of double taxation agreements
with more than 50 countries).
Tax residency status depends on the employment period in Singapore.
The income tax imposed on foreigners employed in Singapore is
as follows:
- An individual remaining in Singapore for not more than 60
days in a year is tax exempted.
-
An individual remaining in Singapore for
more than 60 days but less than 183 days in a year, and whose
income is derived from or received in Singapore, is subject
to tax at the rate applicable to Singapore residents or 15
percent, whichever is higher.
- An individual remaining in Singapore for more than 183 days
in a year is considered a resident and taxed accordingly.
It should be noted that any income arising from sources outside
the country and received in Singapore by an individual (other
than partners of a partnership) is exempt from tax.
Property Tax
A property tax is imposed on the annual gross rental of building
and land. Owner-occupiers are taxed at 4 percent and other property
owners at 12 percent.
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