🇸🇬 Singapore

Asia
1 residency programs
Territorial taxation
Marina Bay Sands, Singapore

Countries / Singapore

Singapore is a sovereign city-state and island country located in maritime Southeast Asia. It is the most developed sovereign nation in Asia, being ranked 9th on the UN Human Development Index, and has the 7th highest GDP per capita in the world.

Singapore considered the most incorruptible nation in Asia and the fifth most incorruptible worldwide. Singapore is placed highly in key social indicators: education, healthcare, quality of life, personal safety, and housing,. In 2016, Singapore is rated the world's most expensive city for the third consecutive year by the Economist Intelligence Unit.

The Singaporean economy is known as one of the freest, most innovative, most competitive, most dynamic and most business-friendly. The Index of Economic Freedom ranks Singapore as the second freest economy in the world and the Ease of doing business index has also ranked Singapore as the easiest place to do business for the past decade.

Known for

Fact Sheet

Continent

Asia

Demonym

Singaporean

Calling code

+65

Driving side

Left

Motto

Onward, Singapore (Majulah Singapura)
Population
5,399,200
Human development index
0.93
Life expectancy
83 years
Unemployment rate
3%
Inflation rate
0.0%
Fertility rate
1.2

Cost of Life

Cost of Living Index
81.10
Rent Index
63.27
Groceries Index
66.75
Restaurant Price Index
58.99
Local Purchasing Power Index
88.96

Residency Programs (1)

Taxation overview

Tax system

Territorial taxation

Countries with a territorial taxation system only levy income tax from local income. Foreign income usually won't be taxed by that country.

Tax rates

Personal Income Tax (PIT)

Progressive tax up to 22% above 320,000 SGD (221,485 USD).

From:

  • Singaporean income, if resident
  • Singaporean director's fees, if resident
Personal Income Tax (PIT) on Foreign income

Not taxable

From:

  • Foreign income, if resident
Dividend Tax

Not taxable

From:

  • Worldwide dividends, if resident
Non Resident Director's Tax

Flat tax of 22%.

From:

  • Singaporean director's fees, if non-resident

Rates Year of Assessment

YA 2020

Tax Treaties (86)

Singapore has concluded 86 tax treaties (also called double tax agreements, or DTAs) with other countries to avoid or mitigate double taxation. Such treaties may cover a range of taxes including income taxes, inheritance taxes, value added taxes, or other taxes.
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