TIGER CONSULTING ASIA
HR and Payroll Outsource Services, Employment Services, Manpower Contracting
Singapore Tax Laws
February 27, 2015
Staffed by experienced expatriate and local business professionals with detailed knowledge of regional business laws, practices and culture, Tiger-Consulting offers quality, cost effective HR, Payroll and Outsource Services to support its enterprise customers’ satellite operations overseas. We ensure that your operation remains compliant with local labor laws and employment regulations in the countries that your company expands to. It is our job to know the tax laws so you can keep your focus on your business. We coordinate government payments for tax in the markets that your employees are at.
Singapore is a main hub for Tiger-Consulting and a country where we support enterprise client operations. Singapore’s tax rates are one of the lowest among developed countries, which is an inviting feature for foreigner entrepreneurs and companies. It has different rates that apply for tax residents and non-tax residents. You are considered a tax resident for a particular Year of Assessment if you are a Singaporean, a Singapore permanent resident, or a foreigner who has stayed/worked in Singapore for at least 183 days or more in the previous year (excludes director of a company). All others are considered non-residents. Your income tax, as a resident, will depend on how much money you earn.
Singapore Tax Rates for Resident Individuals to 2016 YA (Year of Assessment)
| Chargeable Income | Rate % | Gross Tax Payable |
|---|---|---|
|
First $20,000
Next $10,000 |
0 2 |
0 200 |
|
First
$30,000
Next $10,000 |
- 3.5 |
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 |
- 17 |
13,950 6,800 |
|
First
$200,000
Next $120,000 |
- 18 |
20,750 21,600 |
|
First
$320,000 Above $320,000 |
- 20 |
42,350 |
Singapore income tax tables are a graduated scale based on how much money you earn. Income tax filing is simple, automated, and web-based. There is no income tax deducted from an employee’s monthly salary payments. Employees pay their own income taxes. Employers have the obligation to prepare an annual wage report form for their employees. The documents must be passed to the employees by the 1st of March in the year following the previous employment year (01 Jan.-31 Dec.). Employees use these reports to prepare and file their income tax returns.
As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.
For questions about Tiger-Consulting’s Accounting, Auditing, HR, Payroll, PEO and/or Local Bill-Pay Services in Asia, contact sales@Tiger-Consulting.net Custom quotes are free of charge.
Sincerely,
Mercy Mildener
Public Relations and Marketing Consultant
