iCalculator™ SG: Singapore Tax Calculators
Welcome to iCalculator™ SG, your comprehensive suite of free tax calculators for Singapore. iCalculator™ has provided free tax calculators for Singapore since 2014. Since those early days we have extended our resources for Singapore to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Singapore Tax Calculator and salary calculators within our Singapore tax section are based on the latest tax rates published by the Tax Administration in Singapore. In this dedicated Tax Portal for Singapore you can access:
Singapore Tax Calculator 2024/25
The Singapore Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Singapore. This includes calculations for
- Employees in Singapore to calculate their annual salary after tax.
- Employers to calculate their cost of employment for their employees in Singapore.
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Singapore is a sovereign city-state and island country located in Southeast Asia. Known for its strategic position and economic significance, Singapore's location is characterized by the following key aspects:
- Singapore is situated just off the southern tip of the Malay Peninsula.
- It lies roughly 137 kilometers north of the equator.
- It is bordered by Malaysia to the north, with the Johore Strait separating them.
- To the south, it is separated from Indonesia by the Singapore Strait.
Islands and Mainland
- While Singapore itself is an island, it also includes 63 smaller islets within its territorial waters.
- The main island is known as Singapore Island or Pulau Ujong in Malay.
Strategic Maritime Location
- Singapore's location at the crossroads of major sea routes in Southeast Asia has played a significant role in its development as a major port and global commerce hub.
This strategic position has contributed greatly to Singapore's growth as a global financial center and one of the world's busiest ports. Its location, combined with a highly developed and diversified economy, has established Singapore as a significant player in international trade and finance.
Overview of Taxation in Singapore
This overview is designed to provide users of iCalculator™ SG with a clear understanding of the Singaporean taxation system. Singapore's tax system is renowned for its competitive rates and efficient administration. Here, we focus on the various types of taxes and compliance aspects relevant to individuals and businesses.
Types of Taxes in Singapore
1. Income Tax
- Applies to both individuals and companies.
- Based on a territorial policy, taxing income earned within the country and certain types of foreign-sourced income.
2. Goods and Services Tax (GST)
- A value-added tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore.
- Businesses with an annual turnover exceeding a specified threshold must register for GST.
3. Property Tax
- Imposed on property ownership, calculated based on a percentage of the property's annual value.
4. Stamp Duty
- Applied to documents relating to property and shares, such as leases and sales agreements.
5. Customs and Excise Duties
- Excise duties mainly apply to certain goods manufactured in or imported into Singapore, like tobacco and alcohol.
Tax Compliance and Administration
Filing and Payment
- Taxes are generally filed annually with the Inland Revenue Authority of Singapore (IRAS).
- Electronic filing systems facilitate efficient and timely compliance.
- Singapore has numerous Double Taxation Agreements (DTAs) to prevent double taxation of income earned in one country by a resident of another.
- The government offers various tax incentives to promote certain economic activities and investments.
This overview provides a broad understanding of Singapore's taxation landscape. For detailed guidance and advice, consulting with tax professionals or the IRAS is advisable. Remember, tax laws and regulations can change, so staying informed about the latest updates is crucial.