IRAS Income Tax Rates in Singapore for 2024-2025

In Singapore, there are several schemes available such as Government schemes, Corporate Income Tax Schemes, Goods and Services Tax (GST) schemes as well as Individual Income Tax Schemes. Taxpayers are advised to familiarize themselves with these schemes to identify what may be applicable to them. 

Digitalization has brought about changes in Singapore’s corporate tax and GST regimes. The taxation system is administered by the official tax body, the Inland Revenue Authority of Singapore (IRAS).

The Income Tax Act 1947 provides guidance and support in the form of income tax tables for individuals and businesses. Taxpayers must familiarize themselves with these tax tables and the corresponding income tax brackets and income tax rates, for effective tax planning and to remain compliant with Singaporean tax laws.

Here you will learn about:

• headline tax rates
• personal income tax (PIT) rates for individuals and sole traders
• Central Provident Fund (CPF) contributions
• personal income tax on property for individuals and sole traders
• capital gains tax for resident persons
• corporate income tax (CIT) rates and applicable exemptions
• capital gains tax (CGT) rates
• withholding tax rates for residents and non-residents
• goods and services (GST) rates

Headline Tax Rates in Singapore

Personal Income Tax (PIT) Rates for Individuals in Singapore 2024-2025

Income, for individuals, is taxable whether accrued or derived from Singapore, regardless of the individual’s residence status. However, where income is derived from sources outside of Singapore, it is taxable only when received in Singapore by a resident individual through a partnership in Singapore. 

Resident individuals are also entitled to certain reliefs and deductions.

Personal Income Tax Due Dates

Central Provident Fund (CPF) Contributions

A key pillar of Singapore’s social security system, the Central Provident Fund is a compulsory savings and pension plan. All working Singaporeans and permanent residents (those from their third year of residence onwards), aged 55 years and below, are required to contribute towards the CPF. 

Contribution levels vary between 12/5% to 37% and this sum is based on an individual’s monthly wages.

Corporate Income Tax Rates in Singapore 2024-2025

While corporate income is taxed at a flat rate of 17% in Singapore, there are also tax exemptions available for qualifying start up companies.

Partial Tax Exemption for Qualifying Start-Up Companies

Start-up Tax Exemption for Qualifying Start-Up Companies

Corporate Income Tax Due Dates

Capital Gains Tax in Singapore

There is no capital gains tax (CGT) in Singapore. In cases where an individual taxpayer enters into a series of capital transactions, the IRAS may view that the individual is carrying on a business and assess the individual's income tax as that of a corporation.

Withholding Tax Rates for Residents and Non-Residents in Singapore

Withholding tax (WHT) applies to resident individuals, resident corporations and non-residents in Singapore. There are varying rates depending on whether the WHT applies to dividends, interest or royalties.

However, only certain payments to non-residents are subject to WHT. As Singapore is a signatory to certain double taxation treaties (DTTs), the WHT varies, depending on whether the individual or company is in a treaty country or not. 

In selected circumstances, the WHT represents a final tax, and in other circumstances, it may not. For example, the non-treaty rates apply only to non-residents who do not carry on business in Singapore. Rates may also be further reduced by certain tax incentives.

Goods and Services Tax (GST) Rate in Singapore