Income tax in Singapore is only applicable to tax residents.
Personal income tax in Singapore varies from 0-22% for an individual. Tax rates are progressive based on the chargeable income of a person. You are required to pay a proportionately higher tax if your income is high.
Chargeable income of an individual is a person’s income plus other earnings, after all the deductions, reliefs, and rebate.
Personal income tax rates of Singapore are shown below in the table :
| Chargeable income | income tax rate | Gross payable tax |
| First $20,000 | 0 | 0 |
| Next $10,000 | 2 | 200 |
| First $30,000 | – | 200 |
| Next $10,000 | 3.5 | 350 |
| First $40,000 | – | 550 |
| Next $40,000 | 7 | 2800 |
| First $80,000 | – | 3350 |
| Next $40,000 | 11.5 | 4,600 |
| First $120,000 | – | 7,950 |
| Next $40,000 | 15 | 6,000 |
| First $160,000 | – | 13,950 |
| Next $40,000 | 18 | 7,200 |
| First $200,000 | – | 21,150 |
| Next $40,000 | 19 | 7,600 |
| First $240,000 | – | 28,750 |
| Next $40,000 | 19.5 | 7,800 |
| First $280,000 | – | 36,550 |
| Next $40,000 | 20 | 8,000 |
| First $320,000 | – | 44,550 |
| In excess of $320,000 | 22 |
For the year of assessment 2019, the government has offered a Personal Tax Rebate of 50% of tax payable to the tax residents. The rebate provided is up to a maximum of $200.
Foreigner Package
New Company Setup
S$2,400
Local Package
New Company Setup
S$1,100
Transfer Package
Existing Company
S$1,000
Singapore Branch
New Branch Setup
S$4,000
Representative Office
New Setup
S$2,500
BVI Company
Singapore Bank Account
US$2,200
