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Corporate income tax like individual income tax is payable on an annual basis. However, foreign income earned by a Singapore company may require dual taxation once in the income origin country and in Singapore. In such a case, companies can claim Foreign Tax Credit (FTC) payable on the same income.
Following self-government in 1959, the Inland Revenue Department was formed in 1960 when various revenues administered and collected by a number of separate agencies were brought together. When Singapore attained independence on 9 August 1965, substantial changes were made to the Income Tax Act, which came into effect on 1 January 1966.
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
This is an accepted version of this page This is the latest accepted revision, reviewed on 17 February 2025. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) Fiscal year 1 April – 31 March Trade organisations WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others Country group Developed/Advanced High-income economy Statistics Population 6,040,000 (2024 ...
Singapore's economic growth is expected to moderate further next year, tracking a slowdown in its major trading partners, while global inflation is expected to ease in 2023, the head of the city ...
The Government of Singapore consists of several departments, known as ministries and statutory boards in Singapore. Ministries are led by a member of the Cabinet and deal with state matters that require direct political oversight.
SINGAPORE (Reuters) -Singapore on Wednesday forecast its economic growth would slow in 2023 amid persistent inflation and global pressures that would hit demand for the city-state's outward ...
Singapore's economy is likely to grow around 7% in 2021 and between 3% to 5% in 2022, according to official forecasts. Singapore GDP growth to moderate in Q4 on Omicron woes: Reuters poll Skip to ...