Singapore’s attractive tax policy is a vital part of its long-term approach to developing into the preferred destination for investment and talent from across the globe. Inland Revenue Authority of Singapore (IRAS) is the main government agency that levies and collects all taxes in the country. The following are some of the different types of taxes in Singapore.
Income tax is levied on the total income of individuals and companies.
Property tax is imposed on owners of un moveable properties based on the percentage (tax rate) of the annual value of the property.
Motor Vehicle Taxes
These are taxes, other than import duties, that are imposed on motor vehicles. These taxes are imposed to curb car ownership and road congestion and include the various registration fees, excise duty, road tax and special tax.
Customs & Excise Duties
Singapore is a free port and has relatively few excises and import duties. The duties are mainly on motor vehicles, tobacco, liquor and petroleum products.
Goods & Services Tax
GST is paid when money is spent on goods or services, including imports. In Singapore, GST was introduced on 1st April 1994 at a rate of 3 percent. On 1st July 2007, the rate of GST in Singapore was 7 percent. The GST is imposed on all goods and services supplied in Singapore.
These are duties on private lottery, betting & sweepstake.
In Singapore, casinos operators have to pay the casino tax levied on the casinos’ gross gaming revenue.
This is imposed on documents relating to immovable properties, stocks or shares.
These include the foreign worker levy, annual tonnage tax, water conservation tax, and development charge.