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Taxation

Singapore taxes income on a territorial basis. Generally, overseas income received in Singapore on or after 1 January 2004 is not taxable, except in some circumstances. These are covered below under 'Taxable overseas income'.

In Singapore, the more common forms of individual income that are brought to tax are the following:

1. Ìý

   •ÌýÌýÌýÌý employment income

2. Ìý

   •ÌýÌýÌýÌý business income

3. Ìý

   •ÌýÌýÌýÌý professional income

4. Ìý

   •ÌýÌýÌýÌý rental income from property situated in Singapore

Singapore individual tax is filed on a preceding year basis, and the Singapore tax year for individuals is the calendar year (ie 1 January to 31 December). For example, the Year of Assessment (YA) 2024 tax return would be in relation to income earned in calendar year 2023.

As a tax resident, the individual is allowed to claim personal tax reliefs and qualifying deductions against their taxable income earned in Singapore, and the net income shall be taxed at the progressive resident rates (with the highest rate at 24% with effect from YA 2024 onwards).

Individuals would have