Personal income tax in Singapore is progressive in nature. Compared to other most developed nations, the personal income tax rates in Singapore are considerably low and competitive. The low tax rates and progressive nature are the prime reasons behind the surge in the influx of foreign professionals and entrepreneurs in Singapore. The personal income tax in Singapore is not only low; but also offers a series of tax incentives for the tax residents individuals.
- There is no capital gain tax and inheritance asset.
- Personal Income tax is applied only to income earned and received in Singapore.
- Foreign sourced income is not subjected to personal income tax of Singapore except certain conditions.
- The tax policies and rules differ based on the residency status of the individuals
- 15 April of each year is the due date for Filing Personal Income Tax in Singapore.
- The personal income tax rate for Non-residents is either flat 15% or the resident rates, whichever is higher.
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