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Corporate tax
| Tax rate for resident companies |
Corporate income tax rate is 20%.
With effect from Year of Assessment 2002, a partial tax exemption is given on chargeable income (excluding Singapore dividends) of up to $100,000, which is subject to tax at the normal corporate tax rate as follows:
- 75% tax exemption for the first $10,000 chargeable income.
- 50% tax exemption for the next $90,000 chargeable income.
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| Tax rate on long-term capital gains |
Capital gains are not taxed in Singapore.
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| System governing groups of companies and dividends paid by subsidiaries to their parent companies |
The levy from dividends depends on the place from residence from the company which pays dividends. The dividends tax is levied on dividends perceived by a company non-resident in Singapore. On contrary, the levy from dividends is included in the corporate tax.
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| Tax rate on branches |
In Singapore, the corporate tax is applied on branches at a rate of 20%.
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Income tax
| Fiscal year |
The fiscal year begins on December 1st and ends on December 31st of the next year.
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| Income tax rate |
Income Tax Schedule 2005:
| From 0 to 20,000 S$: | 0% | | From 20,000 to 30,000 S$: | 4% | | From 30,000 to 40,000 S$: | 6% | | From 40,000 to 80,000 S$: | 9% | | From 80,000 to 160,000 S$: | 15% | | From 160,000 to 320,000 S$: | 19% | | Beyond 320,000 S$: | 22% |
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| Tax deductions or other allowances |
In Singapore, many deductions and rebates exist.
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VAT rates
| Standard rates |
A goods and services tax (GST) is chargeable at a general rate of 5%.
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| Reduced rates |
A zero-rated supply is an export of goods or rendering of international services.
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Other important taxes
| Name of tax |
Rate |
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Land taxes
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16%
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Tax on water consumption
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10% on monthly consumptions superior to 20 m3 (for private individuals).
15% for the others
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Successions and donations
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0% to 10%
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Accounting
Introduction
Singaporean accounting rules aim at giving a clear vision of the financial situation of the company.
Singapore is an international financial place and as a consequence, forced to have acceptable accounting standards for the international financial community.
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Obligations and publications
Each company has to produce a profit and loss account and a financial balance sheet.
Certification and auditing
The control of the financial accounts of companies is made by an auditor, but under the control of : "The Institute of Certified Public Accountants of Singapore ".
Professionals and representative organizations
- The Public Accountant Board.
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| Last modified in
2006 - ongoing update
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