Singapore Personal Income Tax
What is Taxable Income
Almost all income accrued in Singapore by a person or business is subject to income tax. All sales transactions that occur in Singapore or monies received in Singapore are taxable. Taxable income includes income from your business, salary from employment, interest earned on your deposits and rental income.
Personal Income Tax for Foreigners Working in Singapore
Foreign employees working in Singapore are considered tax resident, and therefore must pay income tax unless:
- It is a short-term employment not exceeding 60 days in a calendar year; or
- The earnings are exempt from tax under the Avoidance of Double Taxation Agreement
When a foreign employee plans to end his employment in Singapore, his employer is required to inform Inland Revenue Authority of Singapore before termination of his employment or departure from Singapore. The employer must withhold all money due to the employee until tax clearance is given.
Income Tax Returns Filing
All Singapore residents who work in Singapore or have accrued income must file for income tax returns. All completed income tax returns forms are to be submitted to the Singapore Tax Department by the 15th of April each year. You do not have to pay income tax if your annual income is less than SDG$22,000 unless you have been specifically instructed by the Singapore tax department to submit a tax return.
Capital Gains Tax
Singapore does not have capital gains or investment income tax. For example, if you buy and sell shares at a profit in Singapore, the profit is not subject to tax. However, the dividends that you earn from the shares is considered an income and thus subject to tax.
Central Provident Fund (CPF)
Central Provident Fund is not a tax but a form of retirement savings account for Singaporeans and permanent residents. Both employees and employers are required to contribute to their CPF accounts each month. Foreigners on work passes in Singapore are exempt from CPF contributions in Singapore.
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