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    Singapore Tax System

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    Manton Yeung
    The Singapore tax system consists of individual income tax, business income tax, turnover tax, stamp duties, and withholding tax. Individual income is taxed progressively from 2-20% for residents and non-residents are taxed at different rates depending on the length of their stay. Corporate income tax is a flat rate of 17% with deductions and rebates available. Goods and services tax of 7% applies to most supplies of goods and services. Property transfer and mortgage documents are subject to stamp duties up to 3% while stock transfers have lower duty rates. Withholding taxes apply to certain payments to non-residents such as royalties, interest, and services fees. Tax incentives are also provided to encourage business and investment

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    Singapore Tax System

    Uploaded by

    Manton Yeung
    17 views24 pages
    The Singapore tax system consists of individual income tax, business income tax, turnover tax, stamp duties, and withholding tax. Individual income is taxed progressively from 2-20% for residents and non-residents are taxed at different rates depending on the length of their stay. Corporate income tax is a flat rate of 17% with deductions and rebates available. Goods and services tax of 7% applies to most supplies of goods and services. Property transfer and mortgage documents are subject to stamp duties up to 3% while stock transfers have lower duty rates. Withholding taxes apply to certain payments to non-residents such as royalties, interest, and services fees. Tax incentives are also provided to encourage business and investment

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    The Singapore tax system consists of individual income tax, business income tax, turnover tax, stamp duties, and withholding tax. Individual income is taxed progressively from 2-20% for residents and non-residents are taxed at different rates depending on the length of their stay. Corporate income tax is a flat rate of 17% with deductions and rebates available. Goods and services tax of 7% applies to most supplies of goods and services. Property transfer and mortgage documents are subject to stamp duties up to 3% while stock transfers have lower duty rates. Withholding taxes apply to certain payments to non-residents such as royalties, interest, and services fees. Tax incentives are also provided to encourage business and investment

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    17 views24 pages

    Singapore Tax System

    Uploaded by

    Manton Yeung
    The Singapore tax system consists of individual income tax, business income tax, turnover tax, stamp duties, and withholding tax. Individual income is taxed progressively from 2-20% for residents and non-residents are taxed at different rates depending on the length of their stay. Corporate income tax is a flat rate of 17% with deductions and rebates available. Goods and services tax of 7% applies to most supplies of goods and services. Property transfer and mortgage documents are subject to stamp duties up to 3% while stock transfers have lower duty rates. Withholding taxes apply to certain payments to non-residents such as royalties, interest, and services fees. Tax incentives are also provided to encourage business and investment

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 24

    Singapore Tax System

    Logo
    1 Introduction

    2 Individual Income Tax

    3 Business Income Tax


    Content
    4 Turnover Tax System

    5 Stamp Duty

    6 Tax Incentives
    PART ONE
    TAX SYSTEM IN SINGAPORE
    MISSION CORPORATE GOALS
    Act as an agent of the Government Foster a competitive tax environment
    Provide service in the Integrity
    administration of taxes Provide excellent service
    Advise the Government Maximize voluntary compliance
    Represent Singapore Enhance organizational and staff
    internationally on matters relating productivity
    to taxation Achieve a high level of staff competence
    and satisfaction

    VISION CORE VALUES


    The leading revenue authority in the world Fairness
    A partner of the community in nation-building and Integrity
    inclusive growth Professionalism
    A dynamic team of competent and committed Teamwork
    people Innovation
    Income
    Tax Types of Tax Betting
    Tax

    Individual Corporate Casino


    (Withholding Tax) Tax

    Customs &
    Motor Property
    Excise Stamp
    Vehicle
    Duty Tax
    Tax Goods and Duty
    Estate
    Duty Services
    (removed) Tax
    PART TWO
    INDIVIDUAL INCOME TAX
    INDIVIDUAL INCOME TAX

    01. Source of Income 03.Tax Resident


    Citizen / Permanent Resident
    Derived from Singapore
    Physically present 183 days
    Received in Singapore Physically present for 3
    from outside Singapore consecutive YA, even though <
    Tax 183 days in 1st and 3rd years.
    02. Year of Assessment Rate
    1st Jan 31 Dec
    2-20% 04.Non-resident
    Singaporeans (oversea
    (>SGD 20,000)
    employment) > 6 months in
    05. Deductions any calendar year
    Wholly and Exclusively Expense *(enjoy personal reliefs &
    Donations progressive rate)
    Deductions under Angel Investors Physically present < 60 days
    Tax Deduction Scheme (AITD) Exempt
    Reliefs (max. $80,000/PA) 61~182 days, 15%
    Rebate (20%, max. $500) Director fees/consultant fees,
    20%
    PART THREE
    BUSINESS INCOME TAX
    CORPORATE INCOME TAX
    03.Tax Resident
    Place of management
    01. Source of Profits
    Derived from Singapore 04.Allowable Deduction
    Wholly and Exclusively
    Received in Singapore from
    Productivity and Innovation
    outside Singapore Tax Credit (PIC) Scheme (e.g.
    Rate
    17% R&D)
    M&A Allowance scheme (share
    02. Year of Assessment acquisitions)
    YE (31st Dec) -- 1st Jan to 31st Dec 05. Tax Rebate
    YE (31st Mar) 1st Apr to 31st Mar Start-up Tax Exemption (SUTE)
    Scheme
    YE (30th Jun) 1st Jul to 30th Jun
    Partial Exemption Schemes
    Corporate Income Tax Rebate
    PART FOUR
    TURNOVER TAX
    >$1million
    TURNOVER TAX GOODS & SERVICES TAX (GST)
    sale of TV set in a
    7% MUST register
    >$1million
    Definition Singapore retail shop Tax Payer Register voluntarily
    Indirect tax and Value Added provision of spa services Customer
    Tax (VAT) board-based to a customer in Related Company and other
    Singapore third party
    consumption tax levied on
    Employee
    the import of goods Definition Tax Payer
    (collected by Singapore
    Customs)
    Exemption
    Purpose Exemption Sales and Leases of
    Supplies of goods and
    Residential Properties
    services in Singapore
    Provision of Most Financial
    Services
    Purpose Sale of Goods Delivered
    Reduce the burden of paying from Overseas to Overseas
    corporate & personal income taxes Export of Goods &
    International Services
    PART FIVE
    STAMP DUTIES
    STAMP DUTIES - PROPERTY

    2 3
    1

    Lease / Transfer Mortgages


    Tenancy Documents (0.4%)
    Agreements
    (0.4%)
    Buyer's Stamp Duty Additional Buyer's Seller's Stamp Duty (SSD)
    (BSD) Stamp Duty Purchase during
    1-3% progressive rate (ABSD) 20 Feb 2010 -12 Jan 2013
    After 8 Dec 2011 4-16% (holding period)
    5-15% flat rate
    >4 years, no SSD
    STAMP DUTIES - STOCK

    Transfer
    Mortgage
    Document

    WHOM to pay Buyer / Transferee Mortgagor

    Rates 0.2% of purchase price 0.4% of loan amount


    0.2% of amount transferred
    PART SIX
    WITHHOLDING TAX
    WITHHOLDING TAX

    Royalty Interest Service Dividend


    Fee

    Tax Rate = 10% Tax Rate = 15% Tax Rate = 15% gross NO withholding tax
    22% net
    Individual < 183 days
    Foreign Companies
    PART SEVEN
    TAX INCENTIVES
    PART EIGHT
    CONCLUSION
    Thank you

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