Understanding How To Calculate Singapore Income Tax and Your Personal Tax Obligations

The Singapore government has implemented a progressive tax system, meaning that the country’s various income levels are taxed at different rates. This article will discuss how to calculate Singapore income tax with examples.

Taxable Income Defined

Regardless of whether or not an individual resides in Singapore, generally the salary you have received is taxable.

The salary refers to the payment (in cash or other forms) received for the services you have provided as an employee to your employer. For Singapore residents, foreign-sourced income is subject to taxation only if it is obtained in Singapore through a Singapore-based partnership.

Residents are eligible for specific personal allowances and are covered by graduated tax rates from 0% to 22% (24% beginning from year of assessment 2024). Meanwhile, non-residents are not eligible for any personal allowances and must pay a flat rate of 22% (24% from the year of assessment 2024).

With this tax break, non-residents pay either a flat rate of 15% on their job income or the graduated resident rates, whichever is higher.

Resident and Non-Resident Personal Income Tax Rates

The resident individual tax rates in Singapore are progressive. If your yearly income is S$22,000 or more, you are required by law to file a personal tax return. If your yearly income is less than S$22,000, you can avoid filing a personal tax return. However, if the Singapore tax authorities have notified you to submit your tax return, you must do so. 

The standard tax rate for non-residents is 22% (24% as of the year of assessment 2024), with the exception of employment income, which is taxed either at a flat rate of 15% or at resident rates. All payments to a non-resident director are subject to withholding tax (WHT) at the standard rate of 22% (24% from 2024).

Corporate Income Tax Rates

Singapore requires any company’s corporate tax return to be filed by all business owners, regardless of whether they are Singapore residents or non-residents. Your corporation will be subject to a flat 17% tax rate on its net chargeable income, as determined by the Inland Revenue Authority of Singapore (IRAS).

How To Calculate Singapore Income Tax

Using the IRAS income tax table, you may determine your personal income tax obligation:

For YA 2014 to YA 2016

Chargeable Income	Income Tax Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	– 3.50	200 350
First $40,000 Next $40,000	– 7	550 2,800
First $80,000 Next $40,000	– 11.5	3,350 4,600
First $120,000 Next $40,000	– 15	7,950 6,000
First $160,000 Next $40,000	– 17	13,950 6,800
First $200,000 Next $120,000	– 18	20,750 21,600
First $320,000 In excess of $320,000	– 20	42,350

For YA 2014 to YA 2016

Chargeable Income	Income Tax Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	– 3.50	200 350
First $40,000 Next $40,000	– 7	550 2,800
First $80,000 Next $40,000	– 11.5	3,350 4,600
First $120,000 Next $40,000	– 15	7,950 6,000
First $160,000 Next $40,000	– 17	13,950 6,800
First $200,000 Next $120,000	– 18	20,750 21,600
First $320,000 In excess of $320,000	– 20	42,350

For YA 2014 to YA 2016

Chargeable Income	Income Tax Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	– 3.50	200 350
First $40,000 Next $40,000	– 7	550 2,800
First $80,000 Next $40,000	– 11.5	3,350 4,600
First $120,000 Next $40,000	– 15	7,950 6,000
First $160,000 Next $40,000	– 17	13,950 6,800
First $200,000 Next $120,000	– 18	20,750 21,600
First $320,000 In excess of $320,000	– 20	42,350

From YA 2017 to YA 2023

Chargeable Income	Income Tax Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	– 3.50	200 350
First $40,000 Next $40,000	– 7	550 2,800
First $80,000 Next $40,000	– 11.5	3,350 4,600
First $120,000 Next $40,000	– 15	7,950 6,000
First $160,000 Next $40,000	– 18	13,950 7,200
First $200,000 Next $40,000	– 19	21,150 7,600
First $240,000 Next $40,000	– 19.5	28,750 7,800
First $280,000 Next $40,000	– 20	36,550 8,000
First $320,000In excess of $320,000	– 22	44,550

From YA 2024 onwards

Chargeable Income	Income Tax Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	– 3.50	200 350
First $40,000 Next $40,000	– 7	550 2,800
First $80,000 Next $40,000	– 11.5	3,350 4,600
First $120,000 Next $40,000	– 15	7,950 6,000
First $160,000 Next $40,000	– 18	13,950 7,200
First $200,000 Next $40,000	– 19	21,150 7,600
First $240,000 Next $40,000	– 19.5	28,7507,800
First $280,000 Next $40,000	– 20	36,5508,000
First $320,000 Next $180,000	– 22	44,550 39,600
First $500,000 Next $500,000	– 23	84,150 115,000
First $1,000,000 In excess of $1,000,000	– 24	199,150

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