Singapore
Top Income Tax
24%
Marginal rate
Corporate Tax
17%
Standard rate
VAT / Sales Tax
9%
Standard rate
Capital Gains
0%
Standard rate
Overview
Singapore is Asia's premier business hub with no capital gains tax, low corporate rates, and a territorial tax system for individuals. The city-state offers world-class infrastructure, rule of law, and strategic location. High cost of living is offset by low overall tax burden.
Income Tax Brackets
| Income Range (SGD) | Tax Rate |
|---|---|
| 0 - 20,000 | 0% |
| 20,000 - 30,000 | 2% |
| 30,000 - 40,000 | 3.5% |
| 40,000 - 80,000 | 7% |
| 80,000 - 120,000 | 11.5% |
| 120,000 - 160,000 | 15% |
| 160,000 - 200,000 | 18% |
| 200,000 - 240,000 | 19% |
| 240,000 - 280,000 | 19.5% |
| 280,000 - 320,000 | 20% |
| 320,000 - 500,000 | 22% |
| 500,000 - 1,000,000 | 23% |
| 1,000,000+ | 24% |
Progressive rates. No tax on income earned and kept abroad (territorial basis for individuals).
Corporate Tax
Standard Rate
17%
17% headline rate. Effective rate lower with partial tax exemption: 75% exemption on first 10k, 50% on next 190k.
VAT / Sales Tax
Standard Rate
9%
GST (Goods and Services Tax) at 9% from 2024. No reduced rates.
Capital Gains Tax
Standard Rate
0%
No capital gains tax in Singapore.
Social Security Contributions
Employee
20%
Employer
17%
Self-Employed
8%
CPF (Central Provident Fund). Rates decrease with age. Self-employed contribute to Medisave only.
Special Tax Regimes
Not Ordinarily Resident (NOR)
Tax only on Singapore-source income based on time spent in Singapore for qualifying individuals.
Eligibility: Must meet specific criteria including being tax resident for first time or after 3+ years of non-residence.
Global Investor Programme
Permanent residency through investment in business or fund.
Eligibility: Minimum investment of SGD 10M in new business, existing business expansion, or qualifying fund.
Pros & Cons
Pros
- No capital gains tax
- Low corporate tax (effective <10% for SMEs)
- Territorial taxation
- World-class infrastructure
- English-speaking
Cons
- High cost of living
- No digital nomad visa
- High CPF contributions
- Strict regulations
Living Indicators
Cost of Living Index
Expensive
Quality of Life Index
Excellent
Best For
Data Sources
Tax rate data for Singapore is compiled from the following authoritative sources:
- OECD Tax Database
- Tax Foundation International Tax Competitiveness Index
- World Bank Business Enabling Environment
- Singapore government tax authority publications
- PwC Worldwide Tax Summaries
Last verified: 2024-01
Disclaimer: This content is for informational purposes only and does not constitute tax advice. Tax laws change frequently. Always consult a qualified tax professional before making decisions about your tax residency or obligations.