Important Things To Know About Personal Taxation In Singapore (2017 Update)
Taxes cause a big chunk on a person’s income and the company’s revenue. It’s one where most people really avoid, especially those who are in dire need of money to raise for the family. But tax is not a problem here in Singapore. In fact, it is one of the few countries that charge both their countrymen and non-resident individuals with the lowest tax. Here are three important things to know about personal taxation in Singapore:
Personal tax is based annually
Personal tax can be separately filed and paid by both citizen and non-citizens every year. Taxation range comes from 0% to 22%, the normal rate being at 15%, according to Singaporean Tax Officials this year. This must be filed before April 15 of the preceding year to avoid complications.
Personal tax follows a progressive tax rate
In Singapore, personal tax is measured based on your salary and capacity to pay. This is a good taxation scheme since it proves fairness and equality among other workers, especially those whose incomes are lower than average. This gives an avenue for those under the low-class to recover and lessen the burden of thinking how tax can take their hard-earned money.
Non-resident people are still charged with tax
People who live and work here in Singapore but are not residents are still charged with personal tax. If they live or employed here for 183 taxation days, then they have to pay their taxes.
Personal taxation in Singapore has never been a burden for Singaporeans and foreigners who lived there. Aside from personal tax, other taxes here like corporate tax are still charged at a low price, and again is still basing the progressive tax rate. Given the situation, it’s without a doubt that Singapore is one of the ideal locations where investors or foreigners can establish businesses.
Tips to save Tax
If you think the tax are taking a big chunk of your earnings, here are the things that you can do to save more:
- You can apply for a tax relief if you have a wife and children to support. Just check the conditions that apply to this, so you’ll know if you’re eligible or not.
- You can claim an apportionment of employment income if you need to travel overseas for your foreign employer. This is under Area Representative Scheme. Certain conditions also apply to this case.
- Additionally, you can have tax deductions from your employment income when you have approved charitable donations. Note that certain conditions may apply.
Credit Review
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