Tax Rates

Tax Authority

Inland Revenue Authority of Singapore 
Website: www.iras.gov.sg

Tax year

1 January – 31 December 
The accounting period ending other than 31 December is acceptable. Profits arising in an accounting period ending other than 31 December are not apportioned.

Income tax rates - from YA 2017 to YA 2024

Corporate tax rate: 17%

 
Taxable income (S$) Tax
0-20,000 Nil
20000-30,000 2% on excess over S$20,000
30,000–40,000 S$200 + 3.5% on excess over S$30,000
40,000–80,000 S$550 + 7% on excess over S$40,000
80,000–120,000 S$3,350 + 11.5% on excess over S$80,000
120,000–160,000 S$7,950 + 15% on excess over S$120,000
160,000–200,000 S$13,950 + 18% on excess over S$160,000
200,000–240,000 S$21,150 + 19% on excess over S$200,000
240,000–280,000 S$28,750 + 19.5% on excess over S$240,000
280,000–320,000 S$36,550 + 20% on excess over S$280,000
Over 320,000 S$44,550 + 22% on excess over S$320,000

Resident Individuals

Non-resident individuals: 22% flat rate; employment income at the higher of 15% or the resident rate.

GST

GST at a rate of 9% is levied on most goods and services.

Losses

Trading losses may be offset against all income received in the same accounting period or carried forward indefinitely and offset against future trading profits, subject to the satisfaction of a substantial shareholding test. Losses up to S$100,000 incurred in a current year may be carried back one year.

Treaty network

79 treaties in effect

Withholding tax (non-residents)

Dividends Nil
Interest 15%
Royalties 10%

Group consolidation

The losses and unutilized capital allowances of one company may be utilised for tax purposes by another company in the same group. For group relief purposes, a group refers to a Singapore incorporated parent, and all its Singapore incorporated subsidiaries.

CFC rules

None

Thin capitalisation restrictions

None

Currency

Singapore dollar - S$

Exchange controls

None