Singapore has a simple and competitive tax system that is business-friendly. The corporate tax rate is a flat rate of 17%, and there are no tax brackets for corporate income tax. The GST rate in Singapore is 7%, and there is no sales tax. The ranges for import duties vary from 0% to 20%, and there are no export duties. The legislation governing these taxes in Singapore is the Income Tax Act, the Goods and Services Tax Act, and the Customs Act.
Corporate Income Tax:
Corporate Income Tax (CIT) is a tax imposed on the income of companies registered in Singapore. In Singapore, the corporate tax rate is a flat rate of 17%, which is one of the lowest in the world. The CIT rate applies to both local and foreign companies registered in Singapore. The legislation governing CIT in Singapore is the Income Tax Act (Cap. 134) (ITA).
Tax Brackets:
There are no tax brackets for corporate income tax in Singapore. Instead, all companies are subject to the same flat rate of 17%.
Goods and Services Tax:
The Goods and Services Tax (GST) is a consumption tax imposed on goods and services in Singapore. The current GST rate in Singapore is 7%. GST is a broad-based tax that applies to most goods and services sold or provided in Singapore, including imports. The legislation governing GST in Singapore is the Goods and Services Tax Act (Cap. 117A) (GSTA).
Sales Tax:
Singapore does not have a sales tax.
Import Duties:
Import Duties are taxes imposed on goods imported into Singapore. The import duties in Singapore are calculated based on the value of the goods, as well as the type of goods being imported. The ranges for import duties in Singapore vary from 0% to 20%. The legislation governing import duties in Singapore is the Customs Act (Cap. 70) (CA).
Export Duties:
There are no export duties in Singapore.
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