Singapore’s Income Tax Act governs corporate and individual taxation, and the Inland Revenue Authority of Singapore (IRAS) is the administering body which assesses, enforces payment, and collects all taxes. Singapore has 69 comprehensive Double Tax Agreements and 7 limited Double Tax Agreements in force.

4.1.  – Singapore’s Goods and Services Tax (GST) has a standard 7% rate. It’s a consumption tax levied on the import of goods and the sale of almost all goods and services.

4.2.  – Personal Income Tax rates apply for tax residents and non-residents. Tax residents have a progressive tax rate that runs up to 20% for income over SD$ 320,000, and non-residents pay a flat 15% tax rate. A tax resident is a Singaporean, a Singapore Permanent Resident (SPR), or a foreigner who resides in Singapore for 183 days or more in a year. All others are considered non-residents.

4.3.  – Singapore has a single-tier corporate income tax system, and its headline corporate income tax rate is 17%. There is no tax levied on capital gains, dividend distribution, or foreign-sourced income not brought into Singapore