Corporate Income Tax in Singapore
The existing corporate tax rate of 20% has been further reduced to 18% and significant new tax exemptions have been introduced to make Singapore the best place to do business in the world for small-to-midsize companies. For more details, see:
Personal Income Tax in Singapore
For individuals, all income derived from Singapore is liable to tax. With effect from 1 January 2004, all overseas income remitted by individuals in Singapore is not taxable, except for overseas income received in Singapore through partnerships in Singapore.
Goods & Services Tax (GST) in Singapore
The GST rate of has gone up to 7% starting July 1, 2007. All Singapore companies with annual turnover exceeding $1 million are required by law to register for GST. Companies with annual turnover of less that $1 million may choose to register for GST voluntarily.
