Other Singapore Taxes

Stamp Duties

Under the Stamp Duties Act, stamp duty is chargeable on an instrument of transfer which is executed in Singapore or which is executed outside Singapore and is received in Singapore. The transfer/sale of immovable property, the sale of shares and the transfer of lease/agreement for a lease of any immovable property (including any furniture, chattels, fittings or equipment) are examples of some common items that are chargeable with stamp duty.

Customs and excise taxes

Singapore is a free port and has relatively few customs and excise taxes. Customs and excise taxes are imposed on all dutiable goods imported into or manufactured in Singapore. Dutiable goods primarily include motor vehicles, tobacco, intoxicating liquor and petroleum products.

The tax on dutiable goods is at ad valorem or specific rates. An ad valorem rate is a percentage of the Customs value of the imported goods. A specific rate is a specified amount per unit of weight or other quantity. The applicable rates are subject to frequent change, and the Singapore Customs Duties Order should be consulted. The Singapore Customs Duties Order is available at www.customs.gov.sg.

Property tax

Owners of immoveable property located in Singapore are subject to annual property tax on the assessed value of the property. Properties include residential premises and non-residential premises. Assessed value is defined as the estimated annual rent a property could fetch if it were rented out.

Payroll tax

Singapore does not impose a general payroll tax. There is a skill development levy that is required to be paid by an employer at 0.25% of the salaries of employees earning not more than S$4,500 per month. The minimum payment for such levy is S$2.

Employers are also required to pay a foreign worker levy in respect of employees working under a work permit, subject to possible exemptions. The levy ranges from S$250 to S$750 per month depending on certain factors, including the business sector and the employee's skill level.

Environmental taxes

The Government of Singapore levies a water conservation tax to encourage water conservation. For domestic users, a 30% tax applies on the domestic water tariff rate applicable to usage up to 40 cubic meters per month (117 cents per cubic meter) and a 45% tax applies on the domestic water tariff rate applicable to usage above 40 cubic meters per month (140 cents per cubic meter). For non-domestic users, a 30% tax applies on the non-domestic water tariff rate, which is 117 cents per cubic meter for all usage. For all shipping users, a 30% tax applies on the shipping water tariff rate, which is 192 cents per cubic meter for all usage.

Tax on insurance premiums

There is a tax on insurance premiums in Singapore. The rate of income tax for insurance companies, whether resident or non-resident is the normal corporate tax rate of 17%.

Tax on gambling

Generally, the following betting activities are subject to duty in Singapore:

  • totalisator or pari-mutuel betting (eg 4D, Toto, Singapore Sweep, horse racing)

  • sports betting

  • sweepstakes, and

  • other betting.

The rate of duty for sports betting and totalisator or pari-mutuel betting (in connection with horse racing) is 25%. The rate for sweepstakes, totalisator or pari-mutuel betting (excluding horse racing) and other betting activities is 30%.

Casino tax

Currently, two casinos have been allowed to operate in Singapore:

  • Marina Bay Sands, and

  • Resorts World Sentosa.

The casino tax, which came into operation on 5 February 2010, is a tax levied on the casinos' gross gaming revenue (GGR). GGR generated from premium players is taxed at a rate of 5%, while GGR from all other players is taxed at a rate of 15%.

Road tax

Road tax is levied annually in Singapore on owners of motor vehicles. Road tax is based on the size (engine capacity) of the vehicle. For example, for a 1600cc petrol-driven car, the road tax for 2022 is currently S$744 for 12 months. To calculate your road tax via the Vehicle Registration Number (VRN) or engine capacity and vehicle's age, visit this website - https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquireRoadTaxPayable. More details can be obtained at the Land Transport Authority's website: www.lta.gov.sg.

Social security taxes

Employers and employees are generally required to make social security contributions to the Central Provident Fund (CPF), which covers retirement, healthcare, home ownership, family protection and asset enhancement. Contribution rates for employers and employees vary depending upon a number of factors, including salary and wage minimums and ceilings, age and residency/citizenship.