Singapore
Working In Singapore |
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Singapore has one of the lowest taxation systems in the world.
Although the actual salaries paid, if converted to another currency, appear low, the "take home" pay is considerably different to many other countries (especially at the higher end of earnings).
The cost of living in Singapore is also quite different to other countries, however rather than trying to explain it here, we would encourage you to browse the myriad of sites that have this information simply by entering "cost of living in Singapore" into your favourite search engine.
Tax rates for individual residents
| Chargeable annual income bracket |
Rate |
| For the first S$20,000 |
0% |
| S$20,000 - S$30,000 |
3.5% |
| S$30,000 - S$40,000 |
5.5% |
| S$40,000 - S$80,000 |
8.5% |
| S$80,000 - S$160,000 |
14% |
| S$160,000 - S$320,000 |
17% |
| S$320,000 and above |
20% |
Should an individual have an annual chargeable income of S$400,000, for example, his gross tax payable will be S$[(20,000 X 0%) + (10,000 X 3.5%) + (10,000 X 5.5%) + (40,000 X 8.5%) + (80,000 X 14%) + (160,000 X 17%) + (80,000 X 20%)] = S$58,700 (Average tax rate = 14.7%).
Should an individual have an annual chargeable income of S$120,000, for example, his gross tax payable will be S$[(20,000 X 0%) + (10,000 X 3.5%) + (10,000 X 5.5%) + (40,000 X 8.5%) + (40,000 X 14%)] = S$9,900 (Average tax rate = 8.25%).
Further Information
Working in Singapore
Living in Singapore
10 Reasons to Make the Move to Singapore
