Singapore Income Tax | Personal Income tax Guides & Rates
“Income Tax” refers to a type of tax governments levy on income businesses and individuals within their jurisdiction. In Singapore, Income Tax was introduced in 1947 under the British colonial government. In 1948, the Income Tax Act was levied.
Income tax is a source for the Government. They are used to fund public services and provide goods for citizens. Income tax is crucial to fund Government expenditures, support social objectives, and grow the economy.
Persons, businesses, trustees, and professionals are chargeable to tax on all profits (excluding profits arising from the sale of capital assets) arising in or derived from Singapore and certain foreign-sourced income from such trade, and business.
The purpose of this guide is to provide you with the latest information related to Singapore’s tax system and tax rates. We also have a GST Calculator that you can use to estimate your Singapore taxes.
Types of Singapore Income Tax
There three types of Income tax in Singapore
- Personal Income Tax
- Corporate Income Tax
- Withholding Tax
1: Personal Income Tax
Personal Income Tax in Singapore is levied on an individual’s income. The tax rate is progressive ranging between 0% to 22% (24% from the year of assessment 2024), depending on the individual’s level of income. Singapore’s personal income tax system provides various reliefs to assist reduce the tax burden on taxpayers.
Non-resident individuals are not permitted any personal allowances and are subject to tax at a flat rate of 22% (24% from year of assessment 2024).
Also read about: Taxes in Singapore
Residents
A resident individual’s taxable income (after personal allowances) is subject to income tax at progressive rates.
| Taxable income (SGD*) | Years of assessment 2022 and 2023 | Year of assessment 2024 | |||
| Over (column 1) | Not over | Tax on column 1 (SGD) | Percentage on excess (%) | Tax on column 1 (SGD) | Percentage on excess (%) |
| 0 | 20,000 | – | – | – | – |
| 20,000 | 30,000 | – | 2.00 | – | 2.00 |
| 30,000 | 40,000 | 200 | 3.50 | 200 | 3.50 |
| 40,000 | 80,000 | 550 | 7.00 | 550 | 7.00 |
| 80,000 | 120,000 | 3,350 | 11.50 | 3,350 | 11.50 |
| 120,000 | 160,000 | 7,950 | 15.00 | 7,950 | 15.00 |
| 160,000 | 200,000 | 13,950 | 18.00 | 13,950 | 18.00 |
| 200,000 | 240,000 | 21,150 | 19.00 | 21,150 | 19.00 |
| 240,000 | 280,000 | 28,750 | 19.50 | 28,750 | 19.50 |
| 280,000 | 320,000 | 36,550 | 20.00 | 36,550 | 20.00 |
| 320,000 | 500,000 | 44,550 | 22.00 | 44,550 | 22.00 |
| 500,000 | 1,000,000 | 84,150 | 22.00 | 84,150 | 23.00 |
| 1,000,000 | 194,150 | 22.00 | 199,150 | 24.00 | |
Non-residents
Non-resident individuals are not permitted any personal allowances and the tax is levied with a flat rate of 22% (24% from year of assessment 2024). Except that employment income is taxed at a flat rate of 15% or at resident rates with personal reliefs, whichever yields a higher tax.
Also read about: How to apply cancellation of GST registration in Singapore?
2: Corporate Income Tax
Corporate tax levied on Companies (resident or non resident) that carry a business in Singapore. The tax rate is a flat rate of 17% on chargeable income. Singapore corporate tax also provide exemptions to help business growth and encourage investment in certain sectors.
| Chargeable income (SGD) | Exempt from tax | Exempt income (SGD) |
| First 10,000 | 75% | 7,500 |
| Next 190,000 | 50% | 95,000 |
| Total | 102,500 |
| Chargeable income (SGD) | Exempt from tax | Exempt income (SGD) |
| First 100,000 | 75% | 75,000 |
| Next 100,000 | 50% | 50,000 |
| Total | 125,000 |
3: Withholding Tax
Withholding tax is levied on different types of payment to non-resident including dividends, interest, and royalties. The tax rate ranges from 0% to 15%, depending on the payment and the tax treaty between Singapore and the recipient’s country of residence.
Withholding tax is usually deducted at the source of the payment, and the payer is responsible for remitting the tax to the tax authorities (IRAS).
| Recipient | WHT (%) | ||
| Dividends (1) | Interest (2) | Royalties (2) | |
| Resident individuals | 0 | 0 | 0 |
| Resident corporations | 0 | 0 | 0 |
| Non-resident corporations and individuals: | |||
| Non-treaty | 0 | 15 | 10 |
| Treaty: | |||
| Albania (6) | 0 | 5 (3b) | 5 |
| Armenia | 0 | 5 (3b, k) | 5 |
| Australia (6) | 0 | 10 | 10 (4a) |
| Austria (6) | 0 | 5 (3b, d) | 5 |
| Bahrain (6) | 0 | 5 (3b) | 5 |
| Bangladesh | 0 | 10 | 10 (4a) |
| Barbados (6) | 0 | 12 (3b) | 8 |
| Belarus | 0 | 5 (3b) | 5 |
| Belgium (6) | 0 | 5 (3b, d) | 3/5 (4b) |
| Bermuda (5a) | 0 | 15 | 10 |
| Brazil | 0 | 10/15 (3b, p, q) | 10 |
| Brunei | 0 | 5/10 (3a, b) | 10 |
| Bulgaria | 0 | 5 (3b) | 5 |
| Cambodia | 0 | 10 (3b) | 10 |
| Canada (6) | 0 | 15 (3e) | 10 |
| Chile (5b) | 0 | 15 | 10 |
| China, People’s Republic of (6) | 0 | 7/10 (3a, b) | 6/10 (4b) |
| Cyprus (6) | 0 | 7/10 (3a, b) | 10 |
| Czech Republic (6) | 0 | 0 | 0/5/10 (4b, 4c) |
| Denmark (6) | 0 | 10 (3b) | 10 |
| Ecuador | 0 | 10 (3a, b) | 10 |
| Egypt (6) | 0 | 15 (3b) | 10 |
| Estonia | 0 | 10 (3b) | 7.5 |
| Ethiopia | 0 | 5 | 5 |
| Fiji Islands, Republic of | 0 | 10 (3b) | 10 |
| Finland (6) | 0 | 5 (3b) | 5 |
| France (6) | 0 | 10 (3b, j, k, o) | 0 (4a) |
| Georgia (6) | 0 | 0 | 0 |
| Germany | 0 | 0 | 5 |
| Ghana | 0 | 7 (3b) | 7 |
| Greece (5d) | 0 | 7.5 (3a, b) | 7.5 |
| Guernsey (6) | 0 | 12 (3b) | 8 |
| Hong Kong (5c) | 0 | 15 | 10 |
| Hungary (6) | 0 | 5 (3b, d) | 5 |
| India (6) | 0 | 10/15 (3a) | 10 |
| Indonesia (6) | 0 | 10 (3b) | 8/10 (4h) |
| Ireland (6) | 0 | 5 (3b) | 5 |
| Isle of Man (6) | 0 | 12 (3b) | 8 |
| Israel (6) | 0 | 7 (3b) | 5 |
| Italy | 0 | 12.5 (3b) | 10 |
| Japan (6) | 0 | 10 (3b) | 10 |
| Jersey (6) | 0 | 12 (3b) | 8 |
| Jordan | 0 | 5 (3b, p) | 5 |
| Kazakhstan (6) | 0 | 10 (3b) | 10 |
| Korea, Republic of | 0 | 10 (3b, n) | 5 |
| Kuwait | 0 | 7 (3b) | 10 |
| Lao People’s Democratic Republic | 0 | 5 (3b) | 5 |
| Latvia (6) | 0 | 10 (3m) | 5 |
| Libya | 0 | 5 (3b) | 5 |
| Liechtenstein (6) | 0 | 12 (3b) | 8 |
| Lithuania (6) | 0 | 10 (3b) | 7.5 |
| Luxembourg (6) | 0 | 0 | 7 |
| Malaysia (6) | 0 | 10 (3b, f) | 8 |
| Malta (6) | 0 | 7/10 (3a, b) | 10 |
| Mauritius (6) | 0 | 0 | 0 |
| Mexico | 0 | 5/15 (3a, b) | 10 |
| Mongolia | 0 | 5/10 (3a, b) | 5 |
| Morocco | 0 | 10 (3b) | 10 |
| Myanmar | 0 | 8/10 (3a, b) | 10 |
| Netherlands (6) | 0 | 10 (3b) | 0 (4a) |
| New Zealand (6) | 0 | 10 (3b) | 5 |
| Nigeria | 0 | 7.5 (3b) | 7.5 |
| Norway | 0 | 7 (3b) | 7 |
| Oman (6) | 0 | 7 (3b) | 8 |
| Pakistan (6) | 0 | 12.5 (3b) | 10 (4a) |
| Panama (6) | 0 | 5 (3b, d) | 5 |
| Papua New Guinea | 0 | 10 | 10 |
| Philippines | 0 | 15 (3e) | 10 |
| Poland (6) | 0 | 5 (3b) | 2/5 (4b) |
| Portugal (6) | 0 | 10 (3b, f) | 10 |
| Qatar (6) | 0 | 5 (3b) | 10 |
| Romania | 0 | 5 (3b) | 5 |
| Russian Federation (6) | 0 | 0 | 5 |
| Rwanda | 0 | 10 (3a) | 10 |
| San Marino (6) | 0 | 12 (3b) | 8 |
| Saudi Arabia (6) | 0 | 5 | 8 |
| Serbia | 0 | 10 (3b, p) | 5/10 (4f) |
| Seychelles (6) | 0 | 12 (3b) | 8 |
| Slovak Republic (6) | 0 | 0 | 10 |
| Slovenia (6) | 0 | 5 (3b) | 5 |
| South Africa | 0 | 7.5 (3b, j, l) | 5 |
| Spain (6) | 0 | 5 (3b, d, f, g) | 5 |
| Sri Lanka | 0 | 10 (3a, b) | 10 |
| Sweden | 0 | 10/15 (3b, c) | 0 (4a) |
| Switzerland | 0 | 5 (3b, d) | 5 |
| Taiwan | 0 | 15 | 10 |
| Thailand (6) | 0 | 10/15 (3a, b, h) | 5/8/10 (4d) |
| Tunisia | 0 | 0/5/10 (3a, b) | 5/10 (4e) |
| Turkey | 0 | 7.5/10 (3a, b) | 10 |
| Turkmenistan | 0 | 10 (3b, j, k) | 10 |
| Ukraine (6) | 0 | 10 (3b) | 7.5 |
| United Arab Emirates (6) | 0 | 0 | 5 |
| United Kingdom (6) | 0 | 5 (3a, b, i) | 8 |
| United States (5c) | 0 | 15 | 10 |
| Uruguay (6) | 0 | 10 (3b, d, j, k) | 5/10 (4f) |
| Uzbekistan | 0 | 5 | 8 |
| Vietnam | 0 | 10 (3b) | 5/10 (4g) |
Conclusion
Income tax is a source for the Government that is used to fund public services and provide goods for citizens. Income tax is crucial to fund Government expenditures, support social objectives, and grow the economy. There are three types of Singapore Income Tax types you can get information related to these types in our article.
