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