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16.8% (general rate) 0.0% (for monthly salaries up to €654) + social security charges [33] 36.2% (for monthly salaries above €25,200) + social security charges [34] 4% (reduced rate) 9% (intermediate rate) 16% (standard rate) [35] Taxation in Portugal Bahamas [36] 0% [37] 0% 0% + 8.8% social security tax: 12% (standard rate) [38] Taxation ...
The Singapore government has argued that reducing the rate of GST would benefit the wealthy more than the poor, as the bulk of GST is collected from foreigners and higher-income earners. In 2010, 84.2% of all GST paid was collected from foreigners and the top 40% of Singaporean households, while the bottom 20% of households contributed only 4% ...
Global map of countries by tariff rate, applied, weighted mean, all products (%), 2021, according to World Bank.. This is a list of countries by tariff rate.The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
The rate for GST, effective since 1 October 2010 is 15%. [77] This 15% tax is applied to the final price of the product or service being purchased and goods and services are advertised as GST inclusive. Reduced rate GST (9%) applies to hotel accommodation on a long-term basis (longer than 4 weeks).
UOB economist Barnabas Gan expects Singapore GST will rise to 9% from as early as 1 July, adding revenue of S$1.8 billion for 2022.
Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. [2]
Singapore introduced Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasing government's revenue by S$1.6 billion (US$1b, €800m) and establishing government finances. [145] The GST rate increased to 4% in 2003, 5% in 2004, 7% in 2007, 8% in 2023, and 9% in 2024. [146] [147]
Companies are taxed at a flat rate of 17% of their chargeable income. This applies to both local and foreign companies. [4] Foreign-sourced dividends, foreign branch profits and foreign-sourced service income remitted into Singapore on or after 1 June 2003 by a Singapore resident company will be tax exempt if: [5]