Taxation
Being a Singaporean has its privileges. Our income tax rates are still among the lowest in the world and the taxation process is transparent and straightforward.
You may declare your tax online and pay by GIRO. It doesn’t get more convenient than this!
Tax Payable
All income earned in Singapore is subject to tax. From 1 January 2004, overseas income received in Singapore, excluding that received through partnerships in Singapore, is not taxable.
Citizens are entitled to personal reliefs, for such matters as children, NSmen, professional course fees, insurance premiums and contributions to the Central Provident Fund (CPF). Here is more information about tax rates and personal reliefs .
In recent years, several new tax reliefs were introduced. One of these is the removal of estate duty.
Another is the Parenthood Tax Rebate (PTR), a lump sum rebate given to citizens with children born after 1 January 2008, to provide financial support for child-rearing. The PTR may be shared between both parents and unutilised portions may be carried forward to offset future income tax payable. Existing child-related reliefs were also enhanced from Year of Assessment 2009.
The IRAS website offers useful information for Singaporeans working outside Singapore .