Singapore Tax Tables 2023 - Tax Rates and Thresholds in Singapore
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This page contains the tax table information used for the calculation of tax and payroll deductions in Singapore in 2023. These tax tables are used for the tax and payroll calculators published on iCalculator™ SG, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Singapore or would like to add to or suggest amendments to the information herein then please contact us.
2023 Tax Tables [Quick Links]
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Singapore Personal Income Tax Tables in 2023
The Income tax rates and personal allowances in Singapore are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Singapore Tax Calculator 2023.
Singapore Residents Income Tax Tables in 2023
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from $ 0.000.00 | to | $ 0.00 |
| 2% | Income from $ 0.01 | to | $ 20,000.00 |
| 3.5% | Income from $ 20,000.01 | to | $ 30,000.00 |
| 7% | Income from $ 30,000.01 | to | $ 40,000.00 |
| 11.5% | Income from $ 40,000.01 | to | $ 80,000.00 |
| 15% | Income from $ 80,000.01 | to | $ 120,000.00 |
| 18% | Income from $ 120,000.01 | to | $ 160,000.00 |
| 19% | Income from $ 160,000.01 | to | $ 200,000.00 |
| 19.5% | Income from $ 200,000.01 | to | $ 240,000.00 |
| 20% | Income from $ 240,000.01 | to | $ 280,000.00 |
| 22% | Income from $ 280,000.01 | | and above |
Singapore Non-residents Income Tax Tables in 2023
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 15% | Income from $ 0.000.00 | to | $ 120,000.00 |
| 18% | Income from $ 120,000.01 | to | $ 160,000.00 |
| 19% | Income from $ 160,000.01 | to | $ 200,000.00 |
| 19.5% | Income from $ 200,000.01 | to | $ 240,000.00 |
| 20% | Income from $ 240,000.01 | to | $ 280,000.00 |
| 22% | Income from $ 280,000.01 | | and above |
Singapore Social Security Rates in 2023
In Singapore, social security contributions are a significant part of the employment landscape. Both employees and employers are required to make specific contributions, funding a range of social and welfare programs. These contributions do not include specific rates but are structured to support various aspects of social security. Below is an overview of the primary types of social security contributions in Singapore and their respective purposes:
Singapore Social Security in 2023: Rates for Employers and Employees| Social security category | Employee | Employer | Total |
|---|
| Central Provident Fund (CPF) (Below the age of 35 years) | 20% | 17% | 37% |
| Central Provident Fund (CPF) (From 35 up to 45 years) | 20% | 17% | 37% |
| Central Provident Fund (CPF) (From 45 up to 50 years) | 20% | 17% | 37% |
| Central Provident Fund (CPF) (From 50 up to 55 years) | 20% | 17% | 37% |
| Central Provident Fund (CPF) (From 55 up to 60 years) | 14% | 14% | 28% |
| Central Provident Fund (CPF) (From 60 up to 65 years) | 8.5% | 10% | 18.5% |
| Central Provident Fund (CPF) (From 65 up to 70 years) | 6% | 8% | 14% |
| Central Provident Fund (CPF) (Above 70 years) | 5% | 7.5% | 12.5% |
| Foreign Worker Levy (FWL) | 0% | 0% | 0% |
Singapore Social Security in 2023: Earnings Thresholds for Employers and Employees| Social security category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Central Provident Fund (CPF) | $ 600.00 | $ 102,000.00 | $ 600.00 | $ 102,000.00 |
| Foreign Worker Levy (FWL) | n/a | n/a | n/a | $ 6,600.00 |
Central Provident Fund (CPF)
The CPF is a key pillar of Singapore's social security system, involving contributions from both employers and employees.
1. Retirement Fund
- A portion of CPF contributions goes towards the Retirement Fund, which is designed to provide financial security for individuals upon retirement.
2. MediSave
- MediSave accounts are part of the CPF, specifically earmarked for covering medical expenses and health insurance premiums.
3. Ordinary Account
- Contributions to the Ordinary Account can be used for various purposes, including housing, insurance, investment, and education.
4. Special Account
- This account is primarily for old age and investment in retirement-related financial products.
Skills Development Levy (SDL)
- Employers contribute to the SDL, which is used to fund workforce training programs and skills upgrading initiatives.
- This levy aims to encourage continual learning and skill development among the workforce.
Foreign Worker Levy (FWL)
- Employers who hire foreign workers are required to pay the FWL, a pricing mechanism to regulate the number of foreign workers in Singapore.
Work Injury Compensation
- Employers are responsible for insuring their employees against work-related injuries and illnesses under the Work Injury Compensation Act.
- This ensures that employees who are injured or fall ill due to work receive compensation for medical expenses and lost wages.
These contributions are fundamental in ensuring the well-being and security of Singapore's workforce. They cater to various aspects of social security, from healthcare and retirement savings to workforce skills development and protection against work-related risks. Employers and employees are advised to be aware of their respective responsibilities and the benefits these contributions provide.
Singapore VAT Rates in 2023
VAT rates for Singapore are reviewed annually, you can use the VAT Calculator to calculate VAT due in Singapore or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Singapore VAT Rates| VAT Rate | VAT Description |
|---|
| 0% | Zero Rated |
| 7% | Standard Rate |
Historic Tax Tables supported for Singapore
The following tax tables are supported by iCalculator™ SG as part of the suite of free tax tools we provide for Singapore.