Personal Tax

Personal-Tax

At SingaporeAudit.com.sg, we undertake all types of individual tax services related to Singapore Personal Tax. The last date for filing personal income tax in Singapore is 15th April of each year.

Although there are many reasons driving foreign professionals relocate their business to Singapore, the prevailing income tax rates remains the most attractive. Singapore, right from the start is a strong supporter of progressive tax structure. Abiding to its foundation of tax structure, the Singapore Budget 2015 continues to offer the lowest and competitive personal income tax rates. Amidst changes in the personal income tax rates (Singapore Budget 2015), from YA 2017, wealthy Singaporeans will have to pay more taxes due to slight change in the personal income tax rates for high-income earners. On the contrary, the low and middle-income earners will continue to enjoy the same benefits they used to enjoy in the past.

The Budget 2015 offers a unique opportunity to overall tax paying Singaporeans, irrespective of their age or amount of tax they are paying. The jubilee budget rewards every Singaporean taxpayer on completing 50 years independence, by offering 50% of tax rebate (capped at $1000) on their payable income tax.

Personal Income Tax Rates as per Budget 2015

Tax Rates for Resident Individuals for YA 2012 to YA 2016
Taxable Income (in S$) Tax Rate (%)
Less than 20,000 0
20,001 to 30,000 2
30,001 – 40,000 3.5%
40,001 – 80,000 7
80,001 – 120,000 11.5
120,001 – 160,000 15
160,001 – 200,000 17
200,001 – 320,000 18
Above 320,000 20
Tax Rates For Resident Individuals from YA 2017 Onwards
Taxable Income (S$) Tax Rate (%)
Less than 20,000 0
20,001 to 30,000 2
30,001 to 40,000 3.5
40,001 to 80,000 7
80,001 to 120,000 11.5
120,001 to 160,000 15
160,001 to 200,000 18
200,001 to 240,000 19
240,001 to 280,000 19.5
280,001 to 320,000 20
320,001 and Above 22

 

Singapore Offers Concessionary Tax Rates for Salary Perks

Every Singaporean employee is entitled to receive certain fringe benefits from their employer. Although, we call it salary benefits, these percolates surely are taxable. However, the tax rates for such salary perks is concessionary due to which the employers end up paying low income tax. Here are some of the common fringe benefits:

  • Fixed monthly transportation allowances
  • Fixed monthly food allowances
  • Business trip allowances given by the employer (Per Diem allowances)
  • Medical reimbursements for dependents other than you, your spouse and children
  • Vehicle or car provided by the employer
  • Housing allowance
  • Overtime (OT) payments

How the Overseas Income is Taxed in Singapore

As per the guidelines of Inland Revenue Authority of Singapore (IRAS), the income earned outside Singapore is not at all taxable inside Singapore. Nevertheless, the overseas income is chargeable if it is earned under some specific circumstances mentioned below

  • When the overseas employment is in correspondence with the Singapore employment
  • When the income earned overseas is received through a partnership in Singapore.
  • When an individual is earning overseas, by working outside Singapore on behalf of the Singaporean government

Due Date for Filing Personal Income Tax in Singapore

The tax year of Singapore starts from January 1, and ends on December 31 of each year. IRAS has mandated April 15 of each year as the due date for filing personal income tax returns. The income tax is assessed, based on preceding year. The non-resident professionals of Singapore are taxed at a flat rate of 15% or as per the prevailing income tax rates, whichever results in higher tax amount.

SingaporeAudit.com.sg offers professional tax services in Singapore touching every aspect of Singaporean tax structure, as if income tax planning services, comprehensive guidance on saving personal tax and many more. Furthermore, we also help you in the process of filing income tax returns complying with the guidelines laid down by IRAS along with other related formalities. If required please go ahead and calculate your personal income tax rate using our comprehensive tax calculator Singapore, which is aligned to accommodate the 2015 budgetary changes.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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