Taxes in Singapore

Posted on Posted in Customs Duty Calculator

Below are different types of taxes in Singapore.

  • Income TaxA tax paid by individuals to the government, the amount of w... More: Income taxA tax paid by individuals to the government, the amount of w... More is chargeable on income of individuals and companies.
  • Property TaxA fee imposed by a government on personal or corporate incom... More: Property taxA fee imposed by a government on personal or corporate incom... More is imposed on owners of properties based on the expected rental values of the properties.
  • Estate Duty: Estate duty is levied on the value of a deceased’s net assetsThe total assets of a company or individual minus all liabil... More in excess of a threshold amount.
  • Motor Vehicle Taxes: These are taxes, other than import duties, that are imposed on motor vehicles. These taxes are imposed to curb car ownership and road congestion.
  • Customs & Excise Duties: Singapore is a free portA port where goods can be brought and stored temporarily, wi... More and has relatively few excise and import duties. Excise duties are imposed principally on tobacco, petroleum products and liquors. Also, very few products are subject to import duties. The duties are mainly on motor vehicles, tobacco, liquor and petroleum products.
  • Goods & Services TaxA fee imposed by a government on personal or corporate incom... More: GST is a taxA fee imposed by a government on personal or corporate incom... More on consumption. The taxA fee imposed by a government on personal or corporate incom... More is paid when money is spent on goods or services, including imports.
  • Betting Taxes and Sweepstake Duties: These are duties on private lottery, betting & sweepstake. Generally, the following betting activities are subject to duty in Singapore:
    • Totalisator or pari-mutuel betting (e.g. Toto, horse racing)
    • Sports betting (e.g. football betting)
    • Sweepstakes
    • Any other system or method of cash or creditAn arrangement in which an item for sale is received by the ... More betting held, promoted, organised, administered or operated by an exempt organisation in the Betting and Sweepstake Duties Order
  • Casino TaxA fee imposed by a government on personal or corporate incom... More: In Singapore, casinos operated by the Marina Bay Sands and Resorts World Sentosa have to pay the casino taxA fee imposed by a government on personal or corporate incom... More levied on the casinos’ gross gaming revenue.
  • Stamp Duties: Stamp DutyCalled Stamp Tax in the US. A stamp which must be put onto c... More is a taxA fee imposed by a government on personal or corporate incom... More on documents relating to immovable properties, stocks or shares. Examples of such documents are lease/tenancy agreements, mortgages, and shareAny of the equal units into which a company's capital stock ... More transfer documents. Once the document is signed and dated, the duty needs to be paid, which can be done easily using IRAS’ e-Stamping system. Do note that it’s an offence in Singapore to use a document without paying the stamp dutyCalled Stamp Tax in the US. A stamp which must be put onto c... More and attracts a penalty of up to four times the original stamp dutyCalled Stamp Tax in the US. A stamp which must be put onto c... More.
  • Withholding TaxA fee imposed by a government on personal or corporate incom... More: A non-resident must pay income taxA tax paid by individuals to the government, the amount of w... More on his income that has source in Singapore. Under Withhold TaxA fee imposed by a government on personal or corporate incom... More law, an individual has the legal obligation to hold back a percentage of the payment he makes.
  • Others: These include the foreign worker levy, annual tonnage taxA fee imposed by a government on personal or corporate incom... More, water conservation taxA fee imposed by a government on personal or corporate incom... More and development charge.