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Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments. With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. For YA 2013 to YA 2015, all companies will be granted a 30% Corporate Income Tax Rebate capped at $30,000 per YA.
Singapore Income Tax System
1. Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income. Foreign sourced income will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15% or more.
2. Singapore corporate tax rate is capped at 17% on its chargeable income.
3. Singapore personal tax rates start at 0% and are capped at 20% (above S$320,000) for residents and a flat rate of 15% for non-residents.
4. Singapore does have GST and the current rate is 7%.
5. Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents (individuals or companies) are subject to withholding tax in Singapore.
Singapore Offshore Companies Taxation
1. This type of companies is referring to non-resident companies.
2. Company is legally tax exempted if certain criteria are met as show in the following:
a. The Company has no office in Singapore (Registered address is not belong company office). The management office is outside of country.
b. No employee is in Singapore.
c. The company has no bank account in Singapore. No any income remitted in Singapore.
d. Revenue incurred outside of Singapore.
e. Suppliers and customers are foreign companies. No business conduct in Singapore
** Kindly consult us for more detail on Singapore Offshore Companies taxation.
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