A competitive tax regime and one of the lowest corporate tax rates in the world create an attractive business environment for investors in Singapore and make it one of the best countries in Asia for companies to grow their businesses.
In Singapore are applied following major taxes:
|Capital gains tax rate||Exempt|
|Royalties from Patents, Know-How, etc||10%|
|Individual tax rate||0 to 20%|
|Goods and Services tax rate||7%|
Income, which is accrued in Singapore or received from Singapore or in Singapore from overseas, is taxable. For corporate tax, remittance of foreign-sourced dividends, foreign-sourced branch profits and foreign-sourced service income into Singapore are exempt from tax if prescribed conditions are met. For individual tax, remittance of all foreign-source income are exempt from tax.
Goods and Services Tax (GST)
GST is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sales and leases of residential properties and the provision of most financial services. Export of goods and international services are zero-rated.
For more details, please visit the website of the Inland Revenue Authority of Singapore (IRAS).
The Economic Development Board (EDB) in Singapore