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Expats working in Singapore will owe income taxes in the country. Tax rates and guidelines depend on whether you are a permanent resident or not. For non-residents, the tax rates vary depending on the type of work you complete in Singapore and whether or not the income is from rental properties.
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Are you working in Singapore as an expatriate? Will you be taxed at a resident or non-resident rate? Whether or not you know the answer, this guide is for you!
We’ll explain who qualifies for the resident rate versus the non-resident rate in this blog post. We’ll also provide links to the Inland Revenue Authoring of Singapore (IRAS) for your convenience.
For additional information about living abroad in Singapore, we have guides for you that explain the cost of living differences in Singapore and the USA, as well as one that compares Singapore to other countries in Asia.
You can also find out more about the work culture in Singapore in this article for expats.
Do I Pay A Resident Or Non-Resident Income Tax In Singapore?
The resident tax rate in Singapore is paid by citizens, permanent residents, and other workers who meet the criteria for the residency tax rate. This resident tax rate is progressive, meaning you owe a higher percentage for larger incomes. The non-resident tax rate depends on your type of income.
You will pay the resident tax rate in Singapore as an expat if you…
- Have become a permanent resident of Singapore
- Stayed in Singapore for 183 days of the last year and worked
- Had a physical presence in Singapore for 183 days of the last two years and worked
- Have stayed and worked in Singapore continuously for three years, even if you didn’t stay for 183 days every year*
*Exceptions include directors of companies, public entertainers, and professionals
If you are not paying the resident tax rate for income tax in Singapore, you will pay the non-resident rate.
Resident Income Tax For Expats
Resident income tax rates in Singapore are progressive. You will pay a higher percentage of your income in taxes for each tax bracket. In 2023, the highest bracket is 22%, but in 2024, the highest tax bracket for residents in Singapore will be 24%.
We will offer an overview of resident income tax rates for 2023 and 2024, but you can find additional tax rate information in Singapore Tax System and Tax Rates.
Progressive Resident Tax Rates In Singapore For 2023
The progressive tax rate in Singapore for 2023 taxes each amount of money you earn at different rates. The highest tax bracket is 22%, and the first SGD $20,000 owes 0% in taxes. We’ll list the progressive brackets below, and in the next section, you can see an example of the calculation.
- If your income is less than SGD $20,000, you do not owe taxes. The first SGD $20,000 is also not taxed.
- The next SGD $10,000 you earn is taxed at 2%
- The next SGD $40,000 you earn is taxed at 7%
- The next SGD $40,000 is taxed at 11.5%
- The next SGD $40 is taxed at 15%
- The next SGD $40 is taxed at 18%
- The next SGD $40 is taxed at 18
- The next SGD $40 is taxed at 19%
- The next SGD $40 is taxed at 19.5%
- The next SGD $40 is taxed at 20%
- Any income over SGD $320,000 is taxed at 22%
Progressive Resident Tax Rates For Singapore Beginning In 2024
The progressive resident tax rates in Singapore for 2024 have additional tax brackets, and the highest rate is 24%. You still do not owe taxes on the first SGD $20,000 of income in 2024. We’ll list the progressive brackets below, and in the next section, you can see an example of the calculation.
- If your income is less than SGD $20,000, you do not owe taxes. The first SGD $20,000 is also not taxed.
- The next SGD $10,000 you earn is taxed at 2%
- The next SGD $40,000 you earn is taxed at 7%
- The next SGD $40,000 is taxed at 11.5%
- The next SGD $40 is taxed at 15%
- The next SGD $40 is taxed at 18%
- The next SGD $40 is taxed at 18
- The next SGD $40 is taxed at 19%
- The next SGD $40 is taxed at 19.5%
- The next SGD $40 is taxed at 20%
- The next SGD $180,000 is taxed at 22%
- The next SGD $500,000 is taxed at 23%
- Anything over SGD $1,000,000 is taxed at 24%
Calculating Personal Income Tax In Singapore
The Inland Revenue Authority of Singapore (IRAS) will issue any personal tax rebates, so calculating the amount owed is straightforward. We will walk you through the process. Let’s say that you hypothetically earned SGD $340,000.
- You owe the IRAS SGD $0 for the first $20,000 you earned.
- 0% x $20,000= $0
- You owe the IRAS SGD $200 for the next $10,000 you earned.
- (2% x $10,000) + $0= $200
- You owe the IRAS SGD $350 for the next $10,000 you earned, and now $550 total.
- (3.5% x $10,000) + $200= $550
- You owe the IRAS SGD $2,800 for the next $40,000 you earned, and now $3,350 total.
- (7% x $40,000) +$550= $3,350
- You owe the IRAS SGD $4,600 for the next $40,000 you earned, and now $7,950 total.
- (11.5% x $40,000) + $3,350 = $7,950
- You owe the IRAS SGD $6,000 for the next $40,000 you earned, and now $13,950 total.
- (15% x $40,000) + $7,950= $13,950
- You owe the IRAS SGD $7,200 for the next $40,000 you earned, and now $21,150 total.
- (18% x $40,000) + $13,950= $21,150
- You owe the IRAS SGD $7,600 for the next $40,000 you earned, and now $28,750 total.
- (19% x $40,000) + $21,150= $28,750
- You owe the IRAS SGD $7,800 for the next $40,000 you earned, and now $36,550 total.
- (19.5% x $40,000) + $28,750= $36,550
- You owe the IRAS SGD $8,000 for the next $40,000 you earned, and now $44,550 total.
- (20% x $40,000) + $36,550= $44,550
- You owe the IRAS SGD $4,400 for the last $20,000 you earned, for a grand total of $48,950.
- (22% x $20,000) + $44,550= $48,950
In 2023, $320,000 and above is the highest tax bracket in Singapore. So in our example, the $20,000 over $320,000 is taxed at 22%
Anything you earn between SGD $320,000 and $500,000 would be taxed at 22% beginning in 2024, so the example above still applies in 2024.
Any income over $500,000 in 2024 would be taxed at 23% up to one million dollars. That means if you earned exactly SGD $1,000,000 in 2024, you would pay $199,150 in taxes. Any income beyond the first one million SGD would be taxed at 24%
Tax Rebates in Singapore for Residents
Some years, tax residents receive a rebate on their taxes in Singapore. A tax resident is anyone who is a citizen, permanent resident, or someone who stayed in Singapore for 183 days or more the previous year. Tax rebates are automatically issued by the Inland Revenue Authority of Singapore (IRAS).
The rebate amount is calculated by the IRAS as well. You do not need to worry about filing or applying for anything extra to receive Singapore personal tax rebates for residents.
Non-Resident Income Tax For Expats
Non-resident employment income including public entertainers is taxed at a flat rate of 15%. Income earned as a consultant or professional freelancer for services provided in Singapore is taxed at 15% of the gross or 22% of the net, whichever is higher.
Interest and other payments related to loans and debts are taxed at 15% or 22% depending on whether or not you’re eligible for the reduced final withholding tax rate.
The Inland Revenue Authority of Singapore (IRAS) has a tax calculator for non-resident taxes.
Frequently Asked Questions
What is the personal income tax rate for one million SGD in Singapore?
The personal tax rate in Singapore is progressive. Taxes are calculated at a different percentage for each bracket. For the first SGD $1,000,000 the total taxes due would be $199,150 in 2024. Income above the first $1,000,000 is taxed at 24% beginning in 2024.
Do expats qualify for tax deductions in Singapore?
Non-resident Singapore workers are taxed at a flat rate of 15-22% depending on the income source without any deductions or rebates. Permanent residents and tax residents in Singapore are not taxed on the first SGD of $20,000 and may qualify for rebates from the Inland Revenue Authority of Singapore.
Does Singapore have high taxes?
Singapore’s income tax rates are lower than the United States. In the USA, the highest tax bracket pays 37% in income tax on income over about US $600,000. In Singapore, the highest tax bracket is 24% in 2024 for income over SGD $1,000,000.
Conclusion
Residents and non-residents in Singapore are taxed at different rates. For non-residents, the tax rate depends on the source of income. For residents of Singapore, the tax rate is progressive based on your earnings.
Don’t forget your healthcare needs as an expat in Singapore! You’ll find your healthcare needs much more manageable with a quality international insurance plan with coverage in Singapore. Even if you qualify for Singapore’s healthcare program, there are a lot of excluded expenses.
You can get free quotes from multiple insurance companies through Pacific Prime with coverage in Singapore. Personalize your coverage with what’s covered, how long you need coverage, and more!
For more information about the healthcare costs in Singapore, visit this page. If you have more questions about finding health insurance in Singapore, contact Pacific Prime today.
If you’re still planning your move to Singapore, check out the Best Places to Live in Singapore for Expats.
Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).
Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.
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