Table of Contents
Singapore Personal Income Tax Rates
Year of Assessment 2023
| Range (SGD) | Tax Rate (%) | Range (SGD) | Tax Rate (%) |
| 0 – 20,000 | 0.0 | 120,001 – 160,000 | 15.0 |
| 20,001 – 30,000 | 2.0 | 160,001 – 200,000 | 18.0 |
| 30,001 – 40,000 | 3.5 | 200,001 – 240,000 | 19.0 |
| 40,001 – 80,000 | 7.0 | 240,001 – 280,000 | 19.5 |
| 80,001 – 120,000 | 11.5 | 280,001 – 320,000 | 20.0 |
| Above 320,000 | 22.0 |
⚠️Note: From Year of Assessment 2024, the tax rate for chargeable income between SGD 500,001 and SGD 1,000,000 will be increased to 23%, while the tax rate for chargeable income above SGD 1,000,000 will be increased to 24%.
General Income Tax Reliefs—Total Reliefs Capped at SGD 80,000 Per Year
| Year of Assessment 2023 (SGD) | ||
| Earned Income Relief / Handicapped Earned Income Relief | – Below 55 years old
– 55 to 59 years old – 60 years old and above |
Up to 1,000 / 4,000
Up to 6,000 / 10,000 Up to 8,000 / 12,000 |
| Spouse / Handicapped Spouse Relief | 2,000 / 5,500 | |
| Child / Handicapped Child Relief | – Qualifying Child Relief (QCR) (per child) | 4,000 / 7,500 |
| Working Mother’s Child Relief (WMCR) | – First child
– Second child – Third child and beyond |
15% of mother’s earned incomea
20% of mother’s earned incomea 25% of mother’s earned incomea |
| Parent / Handicapped Parent Reliefb | – Living with the taxpayer (per dependant, max. 2 dependants)
– Not living with the taxpayer (per dependant, max. 2 dependants) |
9,000 / 14,000 |
| 5,500 / 10,000 | ||
| Handicapped Brother/Sister Relief | 5,500 | |
| Course Fees Relief | Up to 5,500 | |
| CPF Cash Top-up Reliefc | – Credited to own account by self or employer
– Credited to accounts of spouse, siblings, parents, and grandparents |
Up to 8,000
Up to 8,000 |
| Foreign Domestic Worker Levy Reliefd | – Without foreign domestic worker levy concession
– With foreign domestic worker levy concession |
Up to 7,200
Up to 1,440 |
| Grandparent Caregiver Relief (GCR)e | – For any one of the father, mother, grandparent, parent-in-law, or grandparent-in-law caring for any Singapore Citizen child aged 12 or belowf | 3,000 |
| NSmen Self Relief
|
– Did not perform NS activities in the preceding work yearg (non-key appointment holder)
– Performed NS activities in the preceding work year (non-key appointment holder) – Did not perform NS activities in the preceding work year (key appointment holder) – Performed NS activities in the preceding work year (key appointment holder) |
1,500
3,000
3,500
5,000 |
a Total cap of SGD 50,000 per child, including Child/Handicapped Child Relief. For qualifying Singapore Citizen children born or adopted on or after 1 January 2024, a fixed relief of SGD 8,000 for the first child, SGD 10,000 for the second child, and SGD 12,000 for the third and subsequent children will apply.
b For maintaining parents, grandparents, and great-grandparents, including in-laws (“dependants”).
c From YA 2023, relief includes cash top-ups to your own and your family members’ MediSave accounts.
d For one foreign domestic worker only. This relief will be withdrawn from YA 2025.
e From YA 2024, working mothers can claim relief for a caregiver with an annual income not exceeding SGD 4,000.
f No age limit for handicapped and unmarried dependant children.
g For YA 2023, the relevant work year is from 1 April 2022 to 31 March 2023.
General Income Tax Reliefs—Total Reliefs Capped at SGD 80,000 Per Year
| NSmen (Wife/Parent) Relief | 750 | |
| Employee’s CPF Relief | – 55 years old and below
– Above 55 to 60 years old – Above 60 to 65 years old – Above 65 to 70 years old – Above 70 years old |
Up to 20,400
Up to 14,280 Up to 8,670 Up to 6,120 Up to 5,100 |
| Life Insurance Relief | – CPF contributions below SGD 5,000 | Whichever is lower of:
– The difference between SGD 5,000 and the CPF contributions; or
– Up to 7% of the sum assured on own/wife’s life or the amount of insurance premiums paid |
| Supplementary Retirement Scheme (SRS) Relief | – Singaporean / Singapore PR
– Foreigner |
Up to 15,300
Up to 35,700 |
Central Provident Fund (CPF) Rates (Effective from 1 January 2023)
CPF Rates for Monthly Wages of SGD 750 and Above, Capped at SGD 6,000 for Ordinary Wages (Monthly) and a Total Wage Cap of SGD 102,000 (Annually)
|
First Year Permanent Resident (PR) |
Second Year Permanent Resident (PR) |
Third Year and Above PRs and Singaporeans |
|
| (A) Employees aged 55 and below
Employee Employer Total |
5.00% 4.00% 9.00% |
15.00% 9.00% 24.00% |
20.00% 17.00% 37.00% |
| (B) Employees aged above 55 to 60
Employee Employer Total |
5.00% 4.00% 9.00% |
12.50% 6.00% 18.50% |
15.00% 14.50% 29.50% |
| (C) Employees aged above 60 to 65
Employee Employer Total |
5.00% 3.50% 8.50% |
7.50% 3.50% 11.00% |
9.50% 11.00% 20.50% |
| (D) Employees aged above 65 to 70
Employee Employer Total |
5.00% 3.50% 8.50% |
5.00% 3.50% 8.50% |
7.00% 8.50% 15.50% |
| (E) Employees aged above 70
Employee Employer Total |
5.00% 3.50% 8.50% |
5.00% 3.50% 8.50% |
5.00% 7.50% 12.50% |
- By 2026, the monthly salary ceiling for Ordinary Wages will be progressively adjusted from SGD 6,000 to SGD 8,000. The annual salary ceiling for CPF contributions (including Additional Wages) will remain unchanged.
- From 1 January 2024, CPF contribution rates for senior workers aged above 55 to 70 will be increased by up to 5%.
Information updated as of 14 February 2023
Singapore Corporate Income Tax Rates
| Standard Rate | 17% |
| When calculating the income tax payable, the following exemptions apply:
– First SGD 10,000 of chargeable income – Next SGD 190,000 of chargeable income |
75% exemption 50% exemption |
| For newly incorporated companies that meet certain conditions*,
the following exemptions apply for each of the first three consecutive years of assessment: – First SGD 100,000 of chargeable income – Next SGD 100,000 of chargeable income |
75% exemption 50% exemption |
* Not applicable to investment holding companies and property developers.
Withholding Tax on Payments to Non-Resident Companies (Specific Transactions)
| Dividends | Exempt |
| Interest (1) | 15% |
| Royalties (1) | 10% |
| Director’s Remuneration (2) | 22% |
| Technical Assistance and Service Fees (3) (4) | 17% |
| Rent of Movable Property (1) | 15% |
| Management Fees (3) (4) | 17% |
| Aircraft Lease Payments | Not applicable, 1%, 2% |
| Ship Lease Payments | Exempt |
The rates above may be reduced under an Avoidance of Double Taxation Agreement (see other information).
(1) Final tax – applicable if the income is not derived through a business carried on in Singapore. Otherwise, the applicable rate is 17% (non-individual) or 22% (individual). From YA 2024, the 22% withholding tax rate for individuals will be increased to 24%.
Tax exemption applies to interest paid by banks, finance companies, and certain approved entities.
(2) 24% from YA 2024.
(3) Subject to conditions, withholding tax is not applicable if services are rendered entirely outside Singapore.
(4) If paid to a non-resident individual, tax should be withheld at a rate of 22% (or 24% from YA 2024). Specific rules apply to payments made to non-resident professionals.
Singapore Goods and Services Tax (GST)
| Standard Rate | 8%# |
| Export of Goods and International Services | 0% |
| Certain Financial Services, Sale and Lease of Unfurnished Residential Properties, Trading of Qualifying Investment Precious Metals and Digital Payment Tokens | Exempt |
| Reverse Charge | Effective from 1 January 2020
(Extended to imported low-value goods from 1 January 2023) |
| Overseas Vendor Registration | Effective from 1 January 2020 (Extended to imported low-value goods and non-digital services from 1 January 2023) |
# The rate will be increased to 9% on 1 January 2024.
Singapore Stamp Duty (Specific Transactions)
| Rates for the Following: | Higher of purchase/sale price or market value |
| Share Transfer | 0.2% |
| Sale and Purchase of Equity Interests in a Property Holding Entity (PHE)a by a Significant Ownerb
(A) Additional Conveyance Duties (ACD) for Buyers (in addition to Stamp Duty on shares) |
Up to 46% of the market value of the underlying residential property, pro-rated based on the percentage of equity interest disposed of |
| (B) Additional Conveyance Duties (ACD) for Sellers
(in addition to Stamp Duty on shares) |
Fixed 12% of the market value of the underlying residential property, pro-rated based on the percentage of equity interest disposed of |
| Sale and Purchase of Immovable Property | ||
| (A) Buyer’s Stamp Duty (BSD) | Non-Residential | Residential |
| First SGD 180,000 | 1% | 1% |
| Next SGD 180,000 | 2% | 2% |
| Next SGD 640,000 | 3% | 3% |
| Next SGD 500,000 | 4%c | 4%c |
| Next SGD 1,500,000 | 5%c | 5%c |
| Amount exceeding SGD 3,000,000 | 5%c | 6%c |
| (B) Additional Buyer’s Stamp Duty (ABSD)d
– Non-individual other than a housing developer – Housing developer |
Residential
35% 40%e |
|
| (C) Seller’s Stamp Duty (SSD)
– Residential property acquired on or after 11 March 2017 and disposed of within 1/2/3 years of acquisition – Industrial property acquired on or after 12 January 2013 and disposed of within 1/2/3 years of acquisition |
12% / 8% / 4% |
|
| 15% / 10% / 5% | ||
| Rates for the Following: | ||
| Lease of Immovable Property
Average annual rent or other consideration of SGD 1,000 or less Average annual rent or other consideration exceeding SGD 1,000, for a term of: – Up to 4 years – More than 4 years or indefinite |
Exempt
0.4% of total rent for the whole lease period 0.4% of 4 times the average annual rent for the lease period |
|
a A PHE is an entity (including a company, property trust, partnership, limited partnership, and limited liability partnership) with significant ownership of Singapore residential properties (i.e., ≥ 50% of total tangible assets).
b A significant owner of a PHE is an individual or entity that holds ≥ 50% equity interest or voting power in the PHE, either alone or with their associates.
c Rates apply to properties acquired on or after 15 February 2023. A transitional provision will apply where the BSD rates on or before 14 February 2023 will apply for cases that meet certain conditions.
d This reference table does not cover the Additional Buyer’s Stamp Duty (ABSD) rates for Singapore Citizens, Permanent Residents, and Foreigners.
e For the 40% ABSD, housing developers may apply for remission of 35% ABSD, subject to conditions. The remaining 5% is non-remittable and payable upfront upon purchase of residential property.
Singapore Property Tax
| Property Tax | |
| Industrial and Commercial Properties | 10% of the annual value |
| Residential Properties – Owner-Occupied
– Non-Owner-Occupied |
Up to 23% of the annual value ^
Up to 27% of the annual value ^^ |
^ A one-off rebate of 60% of the property tax payable in 2023, capped at SGD 60. The top marginal rate will be increased to 32% from 1 January 2024.
^^ The top marginal rate will be increased to 36% from 1 January 2024.
Singapore Tax Filing Deadlines
| Filing Dates | |
|
Income Tax Return [Form C/C-S/C-S (Lite)] |
30 November |
| Withholding Tax | 15th day of the second month following the date of payment (or deemed payment) |
| GST Return (GST F5) | Within one month after the end of the prescribed accounting period. The prescribed accounting period can be 3 months (standard) or 1 month (optional) |
|
Stamp Duty |
For documents signed in Singapore: within 14 days from the date of signing |
| For documents signed overseas: within 30 days after the document is received in Singapore | |
| Property Tax | Property tax is payable in advance by 31 January each year unless paying by GIRO instalments.
(Filing is generally not required) |
Information updated as of 14 February 2023
Singapore’s Avoidance of Double Taxation Agreements
| Jurisdiction(1) | Dividend Tax (%)(2)(3) | Interest Tax (%)(4) | Royalty Tax (%) | Capital Gains Tax
Exemption on Disposal of Shares(6) |
| Albania | 5 | 5 | 5 | Yes |
| Armenia | Exempt or 5 | 5 | 5 | Yes |
| Australia | 15 | 10 | 10 | No |
| Austria | Exempt or 10 | 5 | 5 | Yes |
| Bahrain | Exempt | 5 | 5 | Yes |
| Bangladesh | 15 | 10 | 10 | Yes |
| Barbados | Exempt | 12 | 8 | Yes |
| Belarus | 5 | 5 | 5 | Yes |
| Belgium | Exempt, 5 or 15 | 5 | 3 or 5 | Yes |
| Brazil | 10 or 15 | 10 or 15 | 10 or 15(5) | No |
| Brunei | 10 | 5 or 10 | 10 | Yes |
| Bulgaria | 5 | 5 | 5 | Yes |
| Cambodia | 10 | 10 | 10 | Yes |
| Canada | 15 | 15 | 15(5) | Yes |
| China | 5 or 10 | 7 or 10 | 6 or 10 | Yes |
| Cyprus | Exempt | 7 or 10 | 10 | Yes |
| Czech Republic | 5 | Exempt | Exempt, 5 or 10 | Yes |
| Denmark | Exempt, 5 or 10 | 10 | 10 | Yes |
| Ecuador | 5 | 10 | 10 | Yes |
| Egypt | 15 | 15 | 15(5) | Yes |
| Estonia | 5 or 10 | 10 | 7.5 | Yes |
| Ethiopia | 5 | 5 | 5 | Yes |
| Fiji | 5 or 15 | 10 | 10 | Yes |
| Finland | 5 or 10 | 5 | 5 | Yes |
| France | 5 or 15 | 10 | Exempt | Yes |
| Georgia | Exempt | Exempt | Exempt | Yes |
| Germany | 5, 10 or 15 | Exempt | 5 | Yes |
| Ghana | 7 | 7 | 7 | Yes |
| Greece(9) | 5 or 10 | 7.5 | 7.5 | Yes |
| Guernsey | Exempt | 12 | 8 | Yes |
| Hungary | 5 or 10 | 5 | 5 | Yes
|
| India | 10 or 15 | 10 or 15 | 10 | No(7) |
| Indonesia | 10 or 15 | 10 | 8 or 10 | Yes |
| Ireland | Exempt | 5 | 5 | Yes |
| Isle of Man | Exempt | 12 | 8 | Yes |
| Israel | 5 or 10 | 7 | 5 | Yes |
| Italy | 10 | 12.5 | 15 or 20(5) | Yes |
| Japan | 5 or 15 | 10 | 10 | Yes |
| Jersey | Exempt | 12 | 8 | Yes |
| Jordan | 5 or 8 | 5 | 5 | Yes |
| Kazakhstan | 5 or 10 | 10 | 10 | Yes |
| Kuwait | Exempt | 7 | 10 | Yes |
| Laos | 5 or 8 | 5 | 5 | Yes |
| Latvia | Exempt or 10 | 10 | 5 | Yes |
| Libya | 5 or 10 | 5 | 5 | Yes |
| Liechtenstein | Exempt | 12 | 8 | Yes |
| Lithuania | 5 or 10 | 10 | 7.5 | Yes |
| Luxembourg | Exempt | Exempt | 7 | Yes |
| Malaysia | 5 or 10 | 10 | 8 | No |
| Malta | Exempt | 7 or 10 | 10 | Yes |
| Mauritius | Exempt | Exempt | Exempt | Yes |
| Mexico | Exempt | 5 or 15 | 10 | Yes |
| Mongolia | 5 or 10 | 5 or 10 | 5 | Yes |
| Morocco | 8 or 10 | 10 | 10 | Yes |
| Myanmar | 5 or 10 | 8 or 10 | 10 or 15(5) | Yes |
| Netherlands | Exempt or 15 | 10 | Exempt | Yes |
| New Zealand | 5 or 15 | 10 | 5 | Yes |
| Nigeria | 7.5 | 7.5 | 7.5 | Yes |
| Norway | 5 or 15 | 7 | 7 | Yes |
| Oman | 5 | 7 | 8 | Yes |
| Pakistan | 10, 12.5 or 15 | 12.5 | 10 | No |
| Panama | 4 or 5 | 5 | 5 | Yes |
| Papua New Guinea | 15 | 10 | 10 | Yes |
| Philippines | 15 or 25 | 15 | Exempt, 15 or 25(5) | Yes |
| Poland | 5 or 10 | 5 | 2 or 5 | Yes |
| Portugal | 10 | 10 | 10 | Yes |
| Qatar | Exempt | 5 | 10 | Yes |
| Romania | 5 | 5 | 5 | Yes |
| Russian Federation | 5 or 10 | Exempt | 5 | Yes |
| Rwanda | 7.5 | 10 | 10 | Yes |
| San Marino | Exempt | 12 | 8 | Yes |
| Saudi Arabia | 5 | 5 | 8 | Yes |
| Serbia | 5 or 10 | 10 | 5 or 10 | Yes |
| Seychelles | Exempt | 12 | 8 | Yes |
| Slovak Republic | 5 or 10 | Exempt | 10 | Yes |
| Slovenia | 5 | 5 | 5 | Yes |
| South Africa | 5 or 10 | 7.5 | 5 | Yes |
| South Korea | 10 or 15 | 10 | 5 | Yes |
| Spain | Exempt or 5 | 5 | 5 | Yes |
| Sri Lanka | 7.5 or 10 | 10 | 10 | Yes |
| Sweden | 10 or 15 | 10 or 15 | Exempt | Yes |
| Switzerland | 5 or 15 | 5 | 5 | Yes |
| Taiwan | 40 (inclusive of base tax) | Domestic rate | 15(5) | No |
| Thailand | 10 | 10 or 15 | 5, 8 or 10 | Yes |
| Tunisia | 5 | 5 or 10 | 5 or 10 | Yes |
| Turkey | 10 or 15 | 7.5 or 10 | 10 | No(8) |
| Turkmenistan | Exempt or 10 | 10 | 10 | Yes |
| Ukraine | 5 or 15 | 10 | 7.5 | Yes |
| United Arab Emirates | Exempt | Exempt | 5 | No |
| United Kingdom | Exempt or 15 | 5 | 8 | Yes |
| Uruguay | 5 or 10 | 10 | 5 or 10 | Yes |
| Uzbekistan | 5 | 5 | 8 | Yes |
| Vietnam | 5, 7 or 12.5 | 10 | 5 or 10 | Yes |
⚠️Notes
(1) Most-Favoured-Nation (MFN) clause may apply to certain tax agreements, so the relevant tax rates may be further reduced.
(2) Dividends paid by a company resident in Singapore are not subject to any tax in Singapore. Thus, the rates shown in this column reflect the rates that may apply in the other treaty jurisdiction under the treaty.
(3) Exempt if paid to the Government for certain treaties.
(4) Lower rate or exemption applies if paid to a designated export credit agency, financial institution, enterprise, or the Government for certain treaties.
(5) Royalties are subject to a final tax of 10% in Singapore.
(6) Singapore does not have a capital gains tax. This column reflects whether capital gains from the disposal of shares in the other treaty jurisdiction can be exempted. For certain treaties, the exemption is conditional.
(7) For shares acquired on or after 1 April 2017. Under the treaty, capital gains on the disposal of shares acquired before 1 April 2017 may be exempted, subject to conditions.
(8) Exempt if from the Government.
(9) The Avoidance of Double Taxation Agreement was signed on 14 March 2022 and takes effect on or after 1 January 2023.
Information updated as of 14 February 2023
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