Living and working in Singapore has many benefits. Not only can you pamper yourself with the best place in Asia to live, work and play, you also get to enjoy the other great nations of South-east Asia such as Vietnam, Cambodia, Malaysia, Thailand and Indonesia, which are all not more than two-hours flight away from Singapore’s world-class Changi airport.
To top it all, and which probably is the main attraction for foreigners who want to move to the country, is the country’s people-friendly tax policies and Singapore tax rates. Below, we present a detailed overview of personal taxation in Singapore – including the rates tax-resident foreigners are subjected to in Singapore, as well as the various rebates and reliefs they are entitled to.
Predominantly, the Inland Revenue Authority of Singapore (IRAS) – Singapore’s tax regulator, regards non-Singaporeans and non-Singapore Permanent Residents as foreigners for tax purposes. Generally, these individuals — depending on whether they are classified as a tax resident — are required to pay income tax on the income they derived from or accrued in the country.
Singapore Tax Season – All You Need To Know
Filing for the Year of Assessment (YA) 2019 begins on March 1, 2019.
If you need to submit an income tax return, please do so by the following dates:
- e-filing: April 18, 20xx
- paper filing: April 15, 20xx
To e-File your tax return, log in to myTax Portal using your SingPass or IRAS PIN.
You can file your income tax return either via mobile phone or desktop.
Please check your tax bill (Notice of Assessment) when you receive it. If you have issues with the tax assessment, you can file an objection and state your reason(s) for objection within 30 days from the date of the tax bill. You may file your objection using “Object to Assessment” e-Service at myTax Portal. Alternatively, you may also file your objection by emailing to IRAS
In Singapore, majority of taxpayers use GIRO for tax payment. Though other electronic payment methods including internet and phone banking, credit cards, or telegraphic transfer, can also be used.
As regards to tax compliance, the IRAS takes a risk-based approach, focusing on taxpayers who pose a higher risk of non-compliance such as independent business operators. “We identify and prioritise key areas of compliance risks; and develop targeted and customised programmes to tackle the different types of risk,” it says.
And, there are no notable restrictions on foreign exchange transactions and capital movements in Singapore. This means money may freely enter or exit Singapore. While there are a few government-imposed restrictions on the lending of local currency (SGD) to non-resident financial establishments, these restrictions are not applicable to individuals and non-financial groups (this includes corporate treasury centres).
We discuss the Singapore Personal Tax scene in detail below.