SINGAPORE INCOME TAX SYSTEM

Territorial basis of taxation

Corporate tax rate - capped at 17%.
Personal tax rates -start at 0% and are capped at 20% (above S$320,000) for residents and a flat rate of
15% for non-residents.
Goods and Services Tax(GST) -To increase the resilience of taxes as a source of government revenue,
Goods and Services Tax (GST) was introduced in 1994. The current GST rate is 7%.
International tax policy- Singapore and Thailand signed a new Avoidance of Double Taxation Agreement
(DTA) on 11 June 2015.

SINGAPORE TAX HEAVEN

Singapore is known as a low tax haven since it has a very low tax scheme in place for both residents and non
residents. This also applies to foreign and local corporations.

FOREIGN TRADE POLICIES

Singapore is the 14th largest exporter and the 15 th largest importer

in the world.
WTO, Singapore has the highest trade to GDP ratio in the world at
407.9 percent.
Policy of export-oriented industrialization
Single largest trading partner, accounting for 19 percent of all
exports in 1999, primarily from the sale of manufactured electronics
and computer peripherals.

EASE OF DOING BUSINESS IN SINGAPORE

FlexibleImmigration Policies
Comprehensive Intellectual Property Protection
An Honest and Open Government
The Worlds Best Labour Force
A Higher Quality of Life