Singapore is one of the best countries in Asia for companies to grow their businesses with one of the lowest corporate and personal tax rates in the world, on top of a host of other tax schemes and incentives.
Singapore has a territorial tax system which taxes income arising, accrued or remitted in Singapore. With our intensive Double Tax Treaty agreements with many countries, double taxation is eliminated in most situations.
Generally, we do not have capital gain tax in Singapore (some exceptions with respect to property transactions).
Corporate Tax System and Rates
The headline corporate tax rate in Singapore stands at a flat 17% for the income ranging from S$300,001. The effective tax rates in Singapore provides full and partial tax exemptions for new start-up companies in Singapore.
Personal Income Tax
Personal income tax rates in Singapore are one of the lowest in the world. Our tax system is based on a progressive tax rate ranging from 0 percent to 20 percent.
- There are no capital gains or inheritance taxes.
- Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is generally not subject to taxation.