Moores Rowland provide an overview of Singapore tax facts for 2024, along with some useful tools for managing tax requirements effectively.
Corporate income tax in Singapore is structured to create a business-friendly environment that encourages both local and international companies to operate in the country.
In Singapore, withholding tax applies to certain types of payments made to non-residents (both individuals and companies). It ensures that the Singapore government can collect tax on income generated within Singapore but paid to non-resident individuals or companies.
Transfer Pricing refers to the pricing of goods, services, and intangibles transferred between related entities, typically within multinational corporations. In Singapore, the Inland Revenue Authority of Singapore (IRAS) enforces transfer pricing rules to ensure that related parties transact with each other as if they were independent parties in open market conditions, also known as the "arm's length principle".
Goods and Services Tax (GST) is a broad-based consumption tax in Singapore applied to most goods and services supplied within the country, as well as on the importation of goods.
Property Tax in Singapore is a tax on the ownership of property, whether residential, commercial, or industrial. It applies to both owner-occupied and non-owner-occupied properties, with tax rates varying based on the property type and usage.
Individuals (both residents and non-residents) are liable to income tax on income accruing in or derived from Singapore. The tax year aligns with the calendar year, and the system follows a self-assessment approach.
The Central Provident Fund (CPF) contributions are compulsory for Singapore citizens and permanent residents. Contribution rates vary based on the employee's age.
Calculate the exact amount of property tax you will owe requires your property’s assessed value and the property tax rates based on your property’s address.
Provided by the CPF Board, this tool helps employers calculate CPF contributions, ensuring they meet statutory obligations.
Compute your annual taxable turnover and determine whether you are required to register for GST.
Calculates stamp duty on property and shares.