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Singapore Tax Rates 2016

May 2016
From YA 2017 there are three new personal tax rates.
The new tax rates of 19% and 19.5% relate to income between SGD 200,001 to 280,000.
The new top marginal tax rate of 22% relates to income exceeding SGD 320,000.


Singapore 2015 Budget

March 2015
According to the 2015 budget presented on February 23,2015 the top marginal personal income tax rate will rise in 2017 from 20% to 22%.
The 17% corporate income tax rate will remain unchanged.


Singapore Uruguay Tax Treaty

February 2015
Singapore and Uruguay signed on January 15, 2015 a double tax treaty, DTA.
When in effect the tax withholding rate for dividends will be 5% for recipients holding at least 10% of the paying company, otherwise the rate will be10%.
The withholding rate for interest will be 0%/10%, The withholding rate for royalties will be 5%/10%.


Singapore Seychelles Tax Treaty

August 2014
Singapore and Seychelles signed on July 9, 2014 a double tax treaty, DTA, between the two countries.
According to the DTA the tax withholding rates will be 12% on interest and 8% on royalties.
Dividend will be taxed in the recipient's resident country.


Singapore Barbados Tax Treaty

May 2014
The 2013 double tax treaty which was ratified by both countries entered into force on April 25, 2014.
The tax withholding rates according to the treaty are zero for dividends, 12% for interest and 8% for royalties.


Singapore Poland Tax Treaty

March 2014
The 2012 double tax treaty between the two countries entered into force on February 6, 2014.
The tax withholding rate for payment of dividend is 0% for payment to a government or 5%/10% in other cases depending on the percentage of holding by the recipient.
The tax withholding rate for interest is 5%.
For royalties the withholding rate is 2%/5%.
The tax treaty will apply in both countries starting January 1, 2015.


Singapore Tax Rates 2013

March 2013
There are no significant changes in Singapore 2013 tax rates compared to 2012.
The corporate income tax rate in 2013 is 17%. Personal income tax rates vary from 2% to 20%.
The standard V.A.T. rate in 2013 is 7%, same as in 2012.


Singapore Tax Rates 2012

May 2012
There are no significant changes in the 2012 rates compared to 2011.
The corporate income tax rate in Singapore in 2012 is 17%. Personal income tax rates vary from 2% to 20% .
The standard GST rate in 2012 is 7%, same as in 2012.


Singapore Saudi Arabia DTA Entry into Force

July 2011
The double tax treaty, DTA, which was signed in May 2010 entered into force on July 1, 2011.
The DTA includes, inter–alia, reduced tax withholding rates of 5% for dividends and interest and 8% for royalties. Saudi capital gains tax is reduced from 20% to 15% depending on the shareholding.


Singapore Spain Double Tax Agreement

April 2011
Singapore and Spain signed on April 13 a double tax treaty, DTA, between the two countries.
According to the DTA dividend are exempt from tax withholding when the payee is a company holding at least 10% of the capital of the paying company, otherwise the withholding rate is 5%.
Dividends paid by a real estate investment trust, REIT, are subject to 5% withholding if the payee holds less than 10% of the payer's capital.
For payments of interest and royalties there is 5% withholding rate.v
The DTA will enter into force after ratification by both countries.
More info www.iras.gov.sg


Singapore Saudi Arabia New DTA

May 2010
Singapore and Saudi Arabia signed on 3/5/2010 a new double taxation treaty between the two countries.
The DTA which deals with all kinds of income deals, inter alia, with exchange of tax information, reduced tax withholding rates from dividends, interest and royalties and sets out permanent establishment rules.
The treaty will enter into force after being ratified by both countries.
More info: www.iras.gov.sg


Singapore's New DTA Protocols

March 2010
The protocol to the standing double taxation agreement, DTA, between Singapore and Norway will enter into force on April 4, 2010.
The protocol to the standing DTA between Singapore and the Netherlands will enter into force on May 1, 2010.
More info www.iras.gov.sg


Singapore Denmark Double Taxation Treaty

August 2009
Singapore and Denmark signed on August 25, 2009 a new double taxation treaty, amending the existing tax treaty between the two countries.
The new agreement is the fourth agreement signed by Singapore which incorporates international standards for exchange of tax information between countries.
The protocol will enter into force after completion of ratification procedures by both countries.
For further info please see Inland Revenue Authority of Singapore site (www.iras.gov.sg)


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