Singapore personal Income Tax

Resident individuals deriving employment income and rental income is subject to
Singapore personal income tax at progressive rates up to 20%, based on
the following progressive rates.

Singapore Personal Income Tax Rates for resident individuals:

Chargeable Income Tax Rate Gross Tax Payable ($)
First $20,000 0% 0
Next $10,000 3.50% 350
First $30,000 - 350
Next $10,000 5.50% 550
First $40,000 - 900
Next $40,000 8.50% 3,400
First $80,000 - 4,300
Next $80,000 14% 11,200
First $160,000 - 15,500
Next $160,000 17% 27,200
First $320,000 - 42,700
Above $320,000 20%

Singapore Personal Income Tax Rates for non-resident individuals:
Employment income of non-residents are taxed at a 15% tax rate or
resident rate, whichever gives rise to a higher tax amount. All other
income of nonresidents sourced in Singapore, including directors' fees
and consultants' fees, is taxed at a flat rate of 20%. A nonresident
individual (other than a director) exercising a short-term employment
in Singapore for not more than 60 days may be exempt from tax in
Singapore.

A Singapore citizen is considered tax resident if the individual
normally resides in Singapore except for temporary absences that are
consistent with the claim to be a resident. A foreigner is considered
resident in Singapore if the individual is physically present or
exercises a Singapore employment for 183 days or more during the basis
year.

Non-resident individuals exercising an employment in Singapore are
subject to income tax depending on the number of days in Singapore.
Employment income derived from short term employment (not more than 60
days) is exempt from Singapore income tax for the non-resident
employee. This exemption does not apply to non-resident company
directors, non-resident public entertainers or non-resident
professionals including foreign experts, foreign speakers, queen's
counsels, consultants, trainers, coaches etc. Nonresident employees
exercising an employment in Singapore for a period of 61 - 182 days
will be taxed at the higher of 15% (without personal tax reliefs) or
the progressive resident rates (with personal tax reliefs).
Non-residents deriving rental income are taxed at 20%.

Dividend income from Singapore companies, interest income from
savings, current or fixed deposit accounts with approved banks or
finance companies in Singapore and foreign-sourced income are tax-
exempt for individuals (regardless of residency).

Filing status – Each individual is required to file a separate tax
return, including married couples living together.

Taxable income – Income includes gains or profits from a trade or
profession and earnings from employment (including the value of
employer-provided food, clothing or housing and allowances other than
for subsistence, transport, travel or entertainment).

Capital gains – Singapore does not tax capital gains.

Tax Deductions and allowances – Personal reliefs and tax rebates are
granted only to resident individuals. Personal reliefs may be deducted
against assessable income to ascertain chargeable income on which tax
is then computed. Tax rebates are deducted from the tax payable to
determine the final tax liability of the individual.

Other taxes on individuals:

Capital duty – No
Stamp duty – Same as for companies.
Capital acquisitions tax – No
Net wealth/net worth tax – No

Real property tax – Property tax, levied on all immovable property in
Singapore, is payable annually by the owner at the beginning of the
year. Immovable property includes Housing Development Board flats,
houses, offices, factories, shops and land. The annual property tax is
calculated based on a percentage of the gross annual value of the
property as determined by the property tax department. The property
tax is 4% for owner-occupied residential property and 10% for other
property. A property tax exemption for land under certain development
may be granted for certain cases.

Inheritance/estate tax –Estate duty has been abolished for deaths
occurring on or after 15 February 2008.

Social security contributions – Only employees who are Singapore
citizens or Singapore permanent residents are required to contribute
to the CPF at a rate of 20%. Graduated rates may apply for the first 3
years when the employee first attains permanent residence.

Singapore Tax year – Singapore tax year is the calendar year

Filing and payment of tax – An individual is required to file his/her
Singapore tax return in respect of income from the preceding year by
15 April of the following year.

Penalties – Penalties apply for late filing or failure to file.

Source : http://www.taxrates.cc