Singapore

Overview

Last reviewed - 06 February 2020

Singapore, an island country in Southeast Asia, is located off the southern edge of the Malay Peninsula, between Malaysia and Indonesia. Its official languages are English, Malay, Chinese, and Tamil, and the currency is the Singapore dollar (SGD).

Singapore is one of the world's most prosperous countries, with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with a per capita gross domestic product (GDP) comparable to or exceeding that of many nations in Western Europe.

Singapore has a highly developed and successful free-market economy. The economy depends heavily on exports, particularly in information technology products and pharmaceuticals, as well as a vibrant financial services sector. Based on a November 2019 forecast, GDP growth in 2020 is expected to range between 0.5% and 2.5%, improving slightly from 2019’s GDP growth of 0.7%. This reflects improvements in the growth outlook for emerging market and developing economies.

Growth in the manufacturing sector is expected to turn around, led by a gradual recovery in the electronics and precision engineering sectors, which are also expected to support growth in related sectors. The information and communications sector, finance and insurance sector, and the education, health, and social services segment, are expected to remain resilient, supported by firms’ robust demand for IT and digital solutions and the ramp-up of operations in healthcare facilities, respectively. The construction sector is also expected to see sustained growth in the coming year.

Over the longer term, the government hopes to establish a new path that focuses on innovation and value creation. Singapore has attracted major investments in pharmaceuticals and medical technology production, and it will continue to establish itself as Southeast Asia's financial and technology hub.

PwC China, Hong Kong, Singapore, and Taiwan work together on a collaborative basis, subject to local applicable laws. Collectively, we have around 800 partners and more than 20,000 people.

We provide organisations with the professional services they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

17

Corporate income tax (CIT) due dates
CIT return due date

30 November

CIT final payment due date

Within one month after the service of the notice of assessment.

CIT estimated payment due dates

The estimate of chargeable income must be submitted within three months from the company's financial year end. The estimated tax is then payable within one month from the service of the notice of assessment or in instalments in accordance with an instalment payment plan.

Personal income tax (PIT) rates
Headline PIT rate (%)

22

Personal income tax (PIT) due dates
PIT return due date

15 April (18 April if filed electronically)

PIT final payment due date

Within one month of the date of the assessment.

PIT estimated payment due dates

NA

Value-added tax (VAT) rates
Standard VAT rate (%)

Goods and services tax: 7

Withholding tax (WHT) rates
WHT rates (%) (Div/Int/Roy)

Resident: NA;

Non-resident: 0 / 15 / 10

Capital gains tax (CGT) rates
Corporate capital gains tax rate (%)

NA

Individual capital gains tax rate (%)

NA

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Inheritance tax rate (%)

NA

Gift tax rate (%)

NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.