How to Cut Down Your Taxes
Even if you do not belong in the uber rich tax bracket and is currently not paying huge taxes, it doesn’t mean that you can’t apply on your business. So considering tax strategy to cutting down on income taxes is a wise decision and will surely have a positive effect on your net disposable income. [...]
Productivity and Innovation Credit Scheme
The PIC Scheme was first announced in Budget 2010 with the aim of stimulating enterprises to invest in upgrading their operations and to encourage a wide range of innovation-related activities in Singapore. A tax deduction of 400% ( up from the previous 250%) on the first S$400,000 (up from S$300,000) spent for each of the [...]
What is the individual taxation scheme for non-residents?
Non-residents are taxed at a flat rate of 15%.
How are fringe benefits taxed?
Employer-provided fringe benefits are taxed in the employee’s hands. As a number of benefits are taxed on a concessionary basis in Singapore, it is possible to reduce an individual’s tax liability through appropriate structuring of his/her remuneration package.
What is the annual set date for filing individual / personal income tax in Singapore?
Due date for filing individual taxes is 15 April each year. Late filing or failure to file could incur penalties.
What are the personal taxes I will have to pay based on my declared salary?
Singapore Personal income tax rates follow a progressive pattern where the rate ranges from 0%-20%. The maximum tax rate, for income above $320,000, has been reduced over time and has reached the present rate of 20%. For a more information, please read .
What are the capital gains tax rates in Singapore?
Singapore DOES NOT have a Capital Gains tax.
Tax Rates for Companies for Year of Assessment 2009
What is the tax Rates for Companies for Year of Assessment 2009 and for those who do not qualify for the New Start up exemption rates? Amount of chargeable income Effective tax rate First S$10,000 4.5% Next S$290,000 8.5% In excess of S$300,000 17%
Are there any exemptions for CPF contributions?
Yes. Employees who are exempted from CPF contributions are: Foreigners on Employment Pass, Professional Visit Pass or Work Permit CPF contributions are not allowed for foreigners. Both the employer’s and employee’s share of contributions for foreign employees on Employment Pass, Professional Visit Pass or Work Permit will not be accepted. Partners, sole-proprietors or self-employed All [...]
Singapore – Taxman gives Tax Savings Tips for SMEs
The Inland Revenue of Singapore recently reported that as many as 120,000 corporate taxpayers, especially the small and medium enterprises, are not aware and hence, not using the tax incentives available to them. In news report published in the Straits Time on Thursday, 8th October, 2009, (Click here for more info) these SMEs are not [...]
