Types of Taxes in Singapore

BizLeaders Asia - - Sg Taxation Singapore Tax System -

1. Income Tax is chargeable on income of individual­s and companies.

2. Property Tax is imposed on owners of properties based on the expected rental values of the properties.

3. Estate Duty has been abolished since February 15, 2008.

4. Motor Vehicle Taxes are taxes, other than import duties, that are imposed on motor vehicles. These taxes are imposed to curb car ownership and road congestion.

5. Customs & Excise Duties

Singapore is a free port and has relatively few excise and import duties.

Excise duties are imposed principall­y on tobacco, petroleum products and liquors. Also, very few products are subject to import duties.

The duties are mainly on motor vehicles, tobacco, liquor and petroleum products.

6. Goods & Services Tax (GST) is a tax on consumptio­n. The tax is paid when money is spent on goods or services, including imports. This kind of indirect tax is also known as Value Added Tax(VAT) in many other countries.

7. Betting Taxes are duties on private lottery, betting & sweep-stake.

8. Stamp Duty is imposed on commercial and legal documents relating to stock & shares and immovable property.

9. Others

The two main taxes are the foreign worker levy and the airport passenger service charge. The foreign worker levy is imposed to regulate the employment of foreign workers in Singapore.

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