Singapore Personal Tax Tips 1

General Personal tax Information – for Individuals (Foreigners):
The amount of income tax that you have to pay depends on your tax residency in Singapore.
Top marginal resident tax rate of 20% kicks in at S$320,000 of taxable income. Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher tax amount.
Income is assessed on a preceding calendar year basis, ending 31 December. You must File Your Annual Tax Form by 15 April of the following year. You can usually expect to receive the income tax bills from May to August.
Besides salaries and bonuses, perquisites such as housing and stock options will form part of your taxable employment income.
Overseas income derived outside Singapore, Singapore dividends and bank interests are tax exempt in Singapore.
Paying your taxes: Sign up for the 12-month interests free GIRO Deduction Plan to pay your income tax
by installments. Otherwise, full payment has to be made within one month from the date of the income tax bill.

Are you a Tax resident or non-resident?
Different tax rates apply for tax residents and non-residents. You will be treated as a tax resident for a
particular Year of Assessment (YA) if you are a:

Singaporean; or
Singapore Permanent Resident (SPR) if you have established your permanent home in Singapore; or
Foreigner who stayed/worked in Singapore for 183 days or more in previous year (excludes director of a company).
Otherwise, you will be treated as a non-resident for a particular YA for Singapore tax purposes.

Tax rates for non-resident individuals
Employment income
Your employment income is taxed at 15% or resident rate, whichever gives rise to a higher tax amount.
Director's fees, consultation fees & all other income
The director's fees, consultation fees and all other income that you received will be taxed at 20%.