Singapore

Overview

Last reviewed - 10 September 2021

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.

Over the longer term, the government aims 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.

In Singapore, PwC has more than 3,500 partners and staff to help resolve complex issues and identify opportunities for public, private and government organisations to progress. As part of the PwC network of more than 284,000 people in 155 countries, we are among the leading professional services networks in the world focusing on helping organisations and individuals create the value they are looking for.

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 (%) (Dividends/Interest/Royalties)

Resident: NA;

Non-resident: 0 / 15 / 10

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

NA

Headline individual capital gains tax rate (%)

NA

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

NA

Inheritance and gift tax rates
Headline inheritance tax rate (%)

NA

Headline 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.