Singapore Personal Income Tax Services

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Rapid globalisation has led to an increasingly dynamic business environment where businesses continually explore and expand into new territories. This has significantly impacted the mobility patterns of global talents and workforce as businesses become more globally connected than ever before.

Employees are also proving to be increasingly mobile, travelling to-and-from various jurisdictions for short-term overseas assignments or long-term relocations. As Singapore establishes itself as the country of choice to be based in for such multinationals and individuals, tax compliance and optimisation are increasingly becoming more prevalent.

Whether it is alleviating the tedium of personal tax compliance or assisting companies/individuals with personal tax planning arising from international assignments, our Personal Tax Services team is committed to help multinational and expatriates effectively manage their personal tax issues.

Our broad spectrum of personal tax services include:

  • Preparation of income tax returns and tax computations for individuals and partnerships
  • Preparation of returns of employee’s remuneration (Form IR8A) and tax clearance (Form IR21)
  • Application for tax schemes like the Not Ordinarily Resident scheme
  • Tax equalisation
  • Assistance to attending to queries from IRAS
  • Application to IRAS for voluntary disclosures of past tax errors / negligence
  • Local personal tax planning and advisory

Key Facts – Personal Income Tax

As per the Singapore Budget 2015, current personal income tax rates starting at 0% and ending at 20% above S$320,000 will remain the same till the YA 2016. From YA 2017 a revised personal income tax treatment will be applicable.

  • There is no tax on capital gain and inheritance asset.
  • Personal Income tax is applied only to income earned and received in Singapore. Foreign sourced income is not subjected to personal income tax of Singapore except certain conditions.
  • The tax policies and rules differ based on the residency status of the individuals
  • 15 April of each year is the due date for Filing Personal Income Tax in Singapore.
  • The personal income tax rate for Non-residents is either flat 15% or the resident rates, whichever is higher.

Singapore Personal Income Tax Rates – 2015

Below are the two tables, one showing different tax rates applied to various chargeable income groups for the YA 2015 and YA 2016, whereas the other table shows the revised tax treatment applicable from YA 2017 onwards.

Tax Rates for Resident Individuals for YA 2012 to YA 2016
Annual Chargeable Income (in S$) Tax rates (%)
Less than 20,000 0
20,001-30,000 2
30,001 to 40,000 3.5
40,001- 80,000 7
80,001- 120,000 11.5
120,001-160,000 15
160,001-200,000 17
200,001-320,000 18
Above 320,000 20
Tax Rates For Resident Individuals from YA 2017 Onwards
Annual Chargeable Income (in S$) Tax rates (%)
Less than 20,000 0
20,001-30,000 2
30,001 to 40,000 3.5
40,001- 80,000 7
80,001- 120,000 11.5
120,001-160,000 15
160,001-200,000 18
200,001-240,000 19
240,001-280,000 19.5
280,001-320,000 20
320,001 and Above 22

Tax residents Singapore:

An individual is considered as a tax resident, if he/she is

  • a Singaporean; or
  • a Singapore Permanent Resident (SPR) who has a permanent residence/home in Singapore; or
  • a foreigner who has  stayed and worked in Singapore for more than 183 day in the preceding tax year.

Singapore tax residents are taxed differently than non-residents. Tax residents pay tax on their taxable income as per the tax table stated above.

Tax treatment on Foreign Sourced Income Received in Singapore

As per the guidelines of IRAS, overseas income received in Singapore on or after January 2004 is not taxable. However, some exceptions are there.  Below are the certain circumstances under which the foreign sourced income/overseas income is charged.

  • When your foreign sourced income is received through partnerships in Singapore
  • When you overseas employment is incidental to your Singapore employment
  • When you are employed outside Singapore on behalf of the Government of Singapore

Who must file personal tax in Singapore?

Following are the conditions when you must file Singapore personal IT return:

  • If you are a Singapore resident or holder of an employment pass, EntrePass or PEP (Personalized Employment Pass)
  • If your annual chargeable income exceeds minimum threshold of S$22,000
  • If you have received a letter from Inland Revenue Authority of Singapore inviting you to file personal Income Tax

What is the due date of Singapore tax filing for personal income tax?

 The annual tax form (Form –B1 for tax resident individuals, Form-B for self employed and Form M for non-resident individuals) must be filed on or before 15 April of each year on taxable income received one the preceding year ending on 31 December.