FAQs on Singapore Taxation
FAQs on Singapore Corporate Taxation
- Q: Is filing a tax return necessary if my company did not gain any profits for the year?
- A: Yes. Singapore companies are required to file a tax return annually.
- Q: Are companies allowed to pay for accommodations and travel expenses of Singapore company directors and other employees?
- A: Yes, Singapore companies are allowed to shoulder accommodation and travel expenses of directors and employees.
- Q: Are employee benefits tax deductible?
- A: Yes. Employee benefits or healthcare benefits qualify for tax deduction.
- Q: What business expenses are deductible?
- A: You can claim deduction for expenses that are incurred in the production of income. It must also be revenue in nature; the deduction must not be prohibited under the Income Tax Act; and the expenses must be incurred.
FAQs on Personal/Individual Income Tax
- Q: What is the Singapore income tax rate?
- A: The Singapore individual income tax rates for YA 2007 and onwards are shown below. Singapore individual / personal income taxes are charged progressively (0% - 20%), based on your chargeable income. The chargeable income is your income plus any other personal income, minus all deductions, relief’s and rebates.
|
|
Chargeable Income (S$)
|
Rate (%)
|
Gross Tax Payable (S$)
|
|
On the first
On the next
|
20 000
10 000 |
0
3.50 |
0.00
350.00 |
|
On the first
On the next
|
30 000
10 000 |
5.50
|
350.00
550.00 |
|
On the first
On the next
|
40 000
40 000 |
8.50
|
900.00
3,400.00 |
|
On the first
On the next
|
80 000
80 000 |
14
|
4,300.00
11,200.00 |
|
On the first
On the next
|
160 000
160 000 |
17
|
15 500.00
27,200.00 |
|
On the first
Above |
320 000
320 000 |
20
|
42,700.00
|
-
Q: What is the annual set date for filing individual / personal income tax in Singapore?
-
A: Due date for filing individual taxes in 15 April each year. Late filing or failing to file at all could incur penalties.
-
Q: What is the individual taxation scheme for non-residents?
-
A: Non-residents are taxed at a flat rate of 15%.
| 
Tags: Business Articles
Tags: Business Articles