Broadly, personal income tax depends on the level of taxable income derived by a person during the year, his/her tax residency status and where the income is derived/earned. Sole proprietors and partners of general partnerships are also taxed on their business income in their personal capacity.
Tax residents are taxed at rates of between 0% (for chargeable income up to S$20,000) to 24% (for chargeable income above S$1 million). Non-Singapore tax residents are taxed at rates of up to 24%.
The filing due dates are 15 April for paper filing and 18 April for electronic tax filings.
Personal tax filings can be complicated, due to various factors including:
- tax residency of the individual
- the type of income derived during the year (e.g. stock options)
- the applicability of tax reliefs
- the applicability of Double Taxation Treaties
- the location where your income was earned/ derived
We can assist to advise on the above and assist with your personal tax filings.