What types of income are taxable? When is the income tax submission deadline? These are some common questions you might have if you are new to tax paying in Singapore.
Understanding Singapore’s tax will help you avoid getting into trouble with the law and take advantage of tax benefits.
Who needs to pay income tax?
First things first — remember that as long as you are working in Singapore, you likely have to pay income tax.
Income tax rates depend on the individual’s tax residency status and how much they earned in the previous calendar year. Tax residents are individuals who are:
- Singapore Citizens
- Singapore Permanent Residents
- Any foreigner who has worked or stayed in Singapore for 183 days or more
There are two groups of taxpayers:
- The first group is required tofile an Income Tax Return. This group of people must file regardless of how much they earned the previous year, or whether their employer is participating
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