Singapore Tax Rates
Singapore operates a territorial tax system, meaning only income sourced in or remitted to Singapore is subject to tax. The country is renowned for its competitive tax regime, with a flat 17% corporate tax rate, no capital gains tax, no inheritance tax, and progressive personal income tax rates capped at 24%. These favorable policies, combined with an extensive network of roughly 90 tax treaties, have established Singapore as one of Asia's premier financial and business hubs.
Top Income Tax Rate
24%
Corporate Tax Rate
17%
VAT / Sales Tax
9%
Capital Gains Tax
0%
Detailed Tax Information
Income Tax Brackets
Singapore imposes a progressive personal income tax on resident individuals, with rates ranging from 0% on the first SGD 20,000 of chargeable income up to a maximum of 24% on income exceeding SGD 1,000,000. Non-resident individuals are generally taxed at a flat rate of 22% (or 24% for income exceeding SGD 500,000), or at the resident rates, whichever yields a higher tax amount. Only income sourced in or remitted to Singapore is taxable under the territorial system.
| Income Range | Tax Rate |
|---|---|
| S$0 – S$20K | 0% |
| S$20K – S$30K | 2% |
| S$30K – S$40K | 3.5% |
| S$40K – S$80K | 7% |
| S$80K – S$120K | 11.5% |
| S$120K – S$160K | 15% |
| S$160K – S$200K | 18% |
| S$200K – S$240K | 19% |
| S$240K – S$280K | 19.5% |
| S$280K – S$320K | 20% |
| S$320K – S$500K | 22% |
| S$500K – S$1.0M | 23% |
| S$1.0M+ | 24% |
Corporate Tax
Singapore levies a flat corporate income tax rate of 17% on chargeable income. Companies benefit from a partial tax exemption scheme: 75% exemption on the first SGD 10,000 of chargeable income and a 50% exemption on the next SGD 190,000, effectively reducing the tax burden on the first SGD 200,000 of income. New startup companies may qualify for an enhanced exemption of 75% on the first SGD 100,000 and 50% on the next SGD 100,000 for their first three consecutive years of assessment.
Standard Rate
17%
Capital Gains Tax
Singapore does not impose a capital gains tax. Gains arising from the disposal of investments such as shares, real estate, and other capital assets are generally not subject to tax. However, if the Inland Revenue Authority of Singapore (IRAS) determines that gains are income in nature — for example, from frequent trading activity resembling a trade or business — such gains may be taxed as ordinary income at the applicable rates.
Short-Term Rate
0%
Long-Term Rate
0%
Rate
0%
VAT / Sales Tax
Singapore's Goods and Services Tax (GST) is a broad-based consumption tax levied on the import of goods and the supply of goods and services in Singapore. The standard GST rate is 9%, effective from January 1, 2024 (increased from 8% in 2023, and 7% prior to that). Certain supplies are zero-rated, including exports and prescribed international services, while some financial services and the sale or lease of residential property are exempt from GST.
Standard Rate
9%
Cryptocurrency Tax
Singapore does not impose capital gains tax on cryptocurrency. Gains from the disposal of digital tokens held as long-term investments are generally not taxable. However, if an individual or business is engaged in the trade of digital tokens — buying and selling as a business activity — the profits may be treated as income and taxed accordingly under normal income tax rules.
Tax Treaties
Singapore has an extensive network of approximately 90 Avoidance of Double Taxation Agreements (DTAs) with countries and jurisdictions worldwide. These treaties help to eliminate double taxation of income earned across borders, reduce withholding tax rates on dividends, interest, and royalties, and provide mechanisms for resolving tax disputes. Singapore also has a number of limited treaties and Exchange of Information agreements that further facilitate international tax cooperation.
Treaty Network
90
Double taxation agreements
Major treaty partners:
Key Details
Relocate to Singapore
See how much you could save by moving here from your current country.
$-1,288
Tax in United States
$24K
24.4% effective
Tax in Singapore
$26K
25.7% effective
Additional Cost
5.3%
more tax annually
US Citizens: Important Note
US citizens are taxed on worldwide income regardless of residence. You'll still need to file US taxes, though the Foreign Earned Income Exclusion and Foreign Tax Credit may reduce your liability.
