Tax
17 percent corporate tax, no capital gains tax, territorial remittance rules
The Income Tax Act sets a flat 17 percent corporate rate with partial exemptions, and personal rates rise to 24 percent. There is no capital gains tax and no inheritance tax; GST is 9 percent from January 2024.
Key rules
- Jurisdiction — IRAS administers all national taxes. Singapore has an extensive treaty network and applies a modified territorial basis, taxing foreign income when received in Singapore unless exempt.
Governing law
- Income Tax Act 1947
- Goods and Services Tax Act 1993
- Property Tax Act 1960
In practice
Companies are taxed on Singapore-sourced income and on foreign income remitted, with a broad exemption for foreign dividends, branch profits and service income already taxed at a headline rate of at least 15 percent. Start-ups get 75 percent exemption on the first S$100,000 of chargeable income for three years. Individuals are taxed on Singapore-sourced employment income; tax residence turns on 183 days. Singapore implemented a domestic top-up tax from 2025 to align with the OECD global minimum of 15 percent for large multinational groups, which narrows the value of headline-rate incentives.