{"id":69349,"date":"2023-12-19T14:50:58","date_gmt":"2023-12-19T06:50:58","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?page_id=69349"},"modified":"2023-12-28T16:19:14","modified_gmt":"2023-12-28T08:19:14","slug":"income-tax","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/resources\/business-compendium\/income-tax\/","title":{"rendered":"Income Tax"},"content":{"rendered":"<h3>Income Tax Explained<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-68736\" title=\"Income Tax\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2023\/11\/photo-business-compendium-income-tax-400x300-1.jpg\" alt=\"Income Tax\" width=\"400\" height=\"300\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2023\/11\/photo-business-compendium-income-tax-400x300-1.jpg 400w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2023\/11\/photo-business-compendium-income-tax-400x300-1-300x225.jpg 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/>Income tax is a tax that you pay directly to the government based on your income. In Singapore, you&#8217;ll find some of the lowest personal income tax rates, especially if you&#8217;re a tax resident here. The tax rate increases as your income increases, with a maximum rate of 22% for those earning an annual income above S$320,000.<\/p>\n<p>&nbsp;<\/p>\n<h3>What Counts as Taxable Income?<\/h3>\n<p>Your taxable income includes money earned in a number of ways:<\/p>\n<ol>\n<li><strong>Employment:<\/strong> This includes salaries, commissions, bonuses, profit from selling stock options, and payments such as a salary given in place of notice, gratuity, and ex-gratia payments.<\/li>\n<li><strong>Self-Employment &amp; Business:<\/strong> If you&#8217;re a freelancer, sole proprietor, or part of a partnership, your income counts too. Earnings from virtual currency also fall into this category.<\/li>\n<li><strong>Property &amp; Investments:<\/strong> Rental income, profit from property trades, and interest from non-approved banks in Singapore or non-licensed local finance companies are considered taxable.<\/li>\n<li><strong>Other Sources:<\/strong> This includes royalties, income from an estate or trust, and withdrawals from the Supplementary Retirement Scheme (SRS).<\/li>\n<\/ol>\n<p>Your total taxable income is the balance after deducting any allowed expenses, charitable donations, rebates, and tax reliefs from your total earnings.<\/p>\n<p>&nbsp;<\/p>\n<h3>Who Must Pay Income Tax?<\/h3>\n<p>Who pays income tax largely depends on their tax residency status. You qualify as a tax resident for a given assessment year if:<\/p>\n<ul>\n<li>You are a Singapore Citizen or Permanent Resident living in Singapore, with exceptions for temporary absences, or<\/li>\n<li>You are a foreigner and have lived or worked in Singapore (excluding company directors) for 183 days or more in the year before the assessment year, and<\/li>\n<li>You have earned a gross annual income of $22,000 or more.<\/li>\n<\/ul>\n<p>As a resident, you can use the Resident Individuals Tax Calculator to get an estimate of your tax due. If you&#8217;re not a tax resident, your employment income gets taxed at either a flat rate of 15% or at the resident progressive tax rates &#8211; you&#8217;ll pay at whichever rate is higher. The Non-Resident Individuals Tax Calculator will help you estimate this payment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Income Tax Explained Income tax is a tax that you pay directly to the government based on your income. In Singapore, you&#8217;ll find some of the lowest personal income tax rates, especially if you&#8217;re a tax resident here. The tax rate increases as your income increases, with a maximum rate of 22% for those earning&hellip;<\/p>\n","protected":false},"author":22,"featured_media":68736,"parent":70083,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"class_list":["post-69349","page","type-page","status-publish","has-post-thumbnail","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/69349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=69349"}],"version-history":[{"count":0,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/69349\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/70083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/68736"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=69349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=69349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}