16 June 2015
The Inland Revenue Authority of Singapore (IRAS) has updated its online content for both the resident and non-resident individuals’ tax rates from YA 2017 onwards.
For resident individuals, the tax rates are as follows:
From YA 2017 onwards:
| Chargeable Income | Rate (%) | Gross Tax Payable ($) |
| On the first 20,000
On the next 10,000 |
0
2 |
0
200 |
| On the first 30,000
On the next 10,000 |
–
3.50 |
200
350 |
| On the first 40,000
On the next 40,000 |
–
7 |
550
2,800 |
| On the first 80,000
On the next 40,000 |
–
11.5 |
3,350
4,600 |
| On the first 120,000
On the next 40,000 |
–
15 |
7,950
6,000 |
| On the first 160,000
On the next 40,000 |
–
18 |
13,950
7,200 |
| On the first 200,000
On the next 40,000 |
–
19 |
21,150
7,600 |
| On the first 240,000
On the next 40,000 |
–
19.5 |
28,750
7,800 |
| On the first 280,000
On the next 40,000 |
–
20 |
36,550
8,000 |
| On the first 320,000
In excess of 320,000 |
–
22 |
44,550 |
The tax / withholding tax rates for non-resident individuals have been updated as follows:
From YA 2017 onwards:
- Director’s remuneration: 22%
- Income derived from activity as a non-resident professional (consultant, trainer, coach, etc): 15% of gross income or 22% of net income
- Income derived from activity as a non-resident public entertainer (artiste, musician, sportsman, etc): 10% concessionary rate (No change)
- Other income e.g. property rental income: 22%
- SRS withdrawal by a non-citizen SRS member: 22%
- Interest, royalty etc: Reduced final withholding tax rate (subject to conditions) as follows – Interest: 15%; Royalty: 10%; or 22% if reduced final withholding tax rate is not applicable.
The update was made on 12 June 2015.
For further details, please refer to the IRAS website.
Source: IRAS