Singapore

Social security contributions

Central Provident Fund (CPF)

The CPF is Singapore's national pension scheme. Contributions are payable by Singapore citizens and Singapore Permanent Residents (i.e. SPR obtained via immigration rules) only. Employers and employees contribute 17% and 20%, respectively, of ordinary monthly wages, up to an income ceiling of SGD 6,800 (from 1 January 2024 to 31 December 2024). Their respective maximum contributions are therefore SGD 1,156 and SGD 1,360 per month. The rates are applicable to Singaporeans and SPRs (from third year and onwards) aged 55 years and below.

These rates also apply to additional wages (e.g. year-end bonus), up to the maximum contributions below:

* This rate above is based on the annual ordinary wage ceiling for calendar year 2024 (i.e. SGD 6,800 x 12).

Reduced rates apply for employees who are earning less than SGD 750 per month, as well as for those above 55 years of age, although these rates are being gradually increased.

The income ceiling will be increased to SGD 7,400 from 1 January 2025 and SGD 8,000 from 1 January 2026. The annual ordinary wage ceiling and maximum monthly contributions for employers and employees will be increased accordingly; however, the annual salary (comprising ordinary wages and additional wages) ceiling remains at SGD 102,000.

Foreign nationals and their employers are precluded from making CPF contributions. Foreign employees who become Singapore permanent residents, and their employers, may contribute at reduced rates for the first two years.

See also Employment income in the Income determination section and Personal deductions in the Deductions section for more information.

Supplementary Retirement Scheme (SRS)

The SRS is a voluntary scheme to encourage employees and the self-employed to save for retirement over and above their CPF savings. The maximum amount to be contributed is subject to an income cap of SGD 102,000. Employers are allowed to contribute to their employees’ SRS accounts, subject to the contribution limits below. Employees will be taxable on these employer contributions, but will be allowed corresponding tax relief.

The contribution rate caps for contributions made to the SRS scheme are as follows.

Capital gains taxes

There is no capital gains tax in Singapore. Where an individual enters into a series of capital transactions, however, the tax authorities may take the view that the individual is carrying on a business and assess that person to income tax accordingly.

Goods and services tax (GST)

Supplies made in Singapore and importation of goods

GST is charged at 9% on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of one's business and on the importation of goods into Singapore.

The only exemptions from GST are prescribed financial services, the sale or rental of residential properties, the sale of digital payment tokens, and the import and local supply of prescribed investment precious metals. Zero-rating only applies to the export of goods and international services (subject to conditions).

See the Other taxes section in the Corporate tax summary for more information.

Net wealth/worth taxes

There are no net wealth or net worth taxes in Singapore.

Inheritance, estate, and gift taxes

Estate duty has been abolished for deaths occurring on or after 15 February 2008.

Property tax

Property tax is levied annually on the value of houses, land, buildings, or tenements.

For residential properties, owner-occupier tax rates range from 0% to 32% and non-owner occupier tax rates range from 12% to 36%. The tax rates depend on the annual value bands, which are subject to periodic revisions.

A one-off property tax rebate at tiered rates of 15% to 100% of property tax payable is provided for owner-occupied residential properties in 2024.

For non-residential properties, such as commercial and industrial buildings and land, the tax rate is 10%.

Excise taxes

Excise duties are imposed on certain intoxicating liquors, tobacco products, motor vehicles, and petroleum products. Duties are also imposed on gambling and other games of chance.

Other non-income taxes

Stamp duties

Stamp duties are levied on written documents (as well as electronic instruments executed on or after 4 October 2018) relating to immovable properties, leases, and stocks and shares.

Immovable properties

Stamp duties are typically payable by the buyer (i.e. buyer’s stamp duty or BSD); however, seller's stamp duty (SSD) and additional buyer's stamp duty (ABSD) have been introduced as measures to cool the residential property market.

There is BSD of up to 6% for residential property and up to 5% for non-residential property on the purchase price or market value, whichever is the higher. There is an ABSD of up to 65% and an SSD of up to 15% on the price or market value of the property, whichever is the higher, depending on the type of property (residential or industrial), the residency status of the buyer, the holding period of the property, and the number of properties owned.

Foreigners of certain nationalities who fall within the scope of the respective free trade agreements will be accorded the same treatment as Singaporeans.

Certain transfers of equity interest in property-holding entities (PHEs) that own (directly or indirectly) primarily Singapore residential properties could attract additional conveyance duties (ACDs) for buyers (up to 71%) and sellers (at 12%) who are significant owners (as defined) of PHEs, as well as for a buyer who would become a significant owner after acquiring an equity interest in the PHEs. For acquisition of equity interest in a company, share duty remains payable in addition to the ACDs.

ABSD and ACDs are also levied on transfers of any residential property and equity interest in PHEs (where the significant ownership threshold is met) into living trusts where there is no identifiable owner of the property or equity interest at the time of transfer. Renunciation of interest in residential properties held in trust in certain scenarios will also attract applicable duties.

Leases

Leases attract duty at 0.4% of the total rent (for leases of up to four years) or 0.4% of four times the average annual rent for the period of the lease (for leases longer than four years), but leases with average annual rents not exceeding SGD 1,000 are exempt from stamp duty.

Stocks and shares

Instruments effecting the transfer of stocks and shares are subject to stamp duty of 0.2% on the purchase price or market value of the shares transferred, whichever is the higher.

Local non-income taxes

Foreign Worker Levy (FWL)

The FWL is a monthly levy that employers are liable to pay for each foreign employee (Work Permit or S Pass holders) hired. The levy rate depends on the employer’s industry and the ratio of foreigners to Singaporeans and permanent residents employed in the company.

Skills Development Levy (SDL)

Employers are required to contribute a levy for each employee at 0.25% of the monthly total wages. The minimum payable is SGD 2 for an employee earning less than SGD 800 a month and the maximum is SGD 11.25 for an employee earning more than SGD 4,500 per month.

The SDL is channelled to the Skills Development Fund (SDF), which is used to support workforce upgrading programmes and to provide training grants to employees sent for training under the National Continuing Education Training system.

The SDL and SDF are administered by the Skills Future Singapore Agency with the CPF Board as the collecting agent.