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Singapore Tax Rates

In this section, you will learn about the tax rates for the major taxes applicable in Singapore.

 

A. Singapore Corporate Tax

The headline corporate tax rate in Singapore is 17%. This rate is considered one of the lowest in economically advanced countries in the world. Headline rate refers to the highest tax rate in a particular jurisdiction. For most startups and SMEs, the effective tax you pay is often much lower than the headline rate of 17% after accounting for rebates, exemptions, deductions and allowances.

Find out more about the Corporate Tax System in our article “Understanding the Corporate Tax System in Singapore”.

 

B. Singapore Personal Income Tax
Personal Income Tax Rates for Residents

The personal income tax system for Tax Residents in Singapore is based on a progressive tax system. This means that a different tax rate is charged progressively as income increases. Simply put, your annual personal income will be divided into different income bands with a progressive tax rate attached to the next band. The highest personal income tax rate is currently fixed at 24% effective YA2024 onwards (which is 7% higher than the current headline corporate tax rate).

The progressive rates are as follow for YA2024 (Personal income for calendar year 2023):

 

Chargeable Income Income Tax Rate (%) Gross Tax Payable ($)
First $20,000
Next $10,000
0
2
0
200
First $30,000
Next $10,000

3.50
200
350
First $40,000
Next $40,000

7
550
2,800
First $80,000
Next $40,000

11.5
3,350
4,600
First $120,000
Next $40,000

15
7,950
6,000
First $160,000
Next $40,000

18
13,950
7,200
First $200,000
Next $40,000

19
21,150
7,600
First $240,000
Next $40,000

19.5
28,750
7,800
First $280,000
Next $40,000

20
36,550
8,000
First $320,000
Next $180,000

22
44,550
39,600
First $500,000
Next $500,000

23
84,150
115,000
First $1,000,000
In excess of $1,000,000

24
199,150

 

Personal Income Tax rates for non-resident individuals

Employment income
Your employment income is taxed at 15% or resident rate, whichever gives rise to a higher tax amount.

Director’s fees, consultation fees & all other income
The director’s fees, consultation fees and all other income that you received are taxed at 24% effective YA2024 onwards.

 

C. Other Forms of Taxes
Property Tax Rates

 

PROGRESSIVE TAX RATES FOR NON-OWNER-OCCUPIED RESIDENTIAL PROPERTIES
Annual Value ($) Effective 1 Jan 2024 Property Tax Payable
First $30,000
Next $15,000
12%
20%
$3,600
$3,000
First $45,000
Next $15,000

28%
$6,600
$4,200
First $60,000
Above $60,000

36%
$10,800

 

PROGRESSIVE TAX RATES FOR OWNER-OCCUPIED HOMES

 

Annual Value ($) Effective 1 Jan 2024 Property Tax Payable
First $8,000
Next $22,000
0%
4%
$0
$880
First $30,000
Next $10,000

6%
$880
$600
First $40,000
Next $15,000

10%
$1,480
$1,500
First $55,000
Next $15,000

14%
$2,980
$2,100
First $70,000
Next $15,000

20%
$5,080
$3,000
First $85,000
Next $15,000

26%
$8,080
$3,900
First $100,000
Above $100,000

32%
$11,980

 

Goods and Services Tax
TYPE OF SUPPLY RATE
STANDARD RATED SUPPLIES 9% from 2024 onwards
ZERO RATED SUPPLIES 0%
EXEMPT SUPPLIES 0%