Tax must be withheld by the payer from the gross amount paid to a non-resident in respect of the following:
Under the Stamp Duties Act, stamp duty is chargeable on an instrument of transfer:
Examples of some common items that are chargeable with stamp duty are:
Singapore is a free port and has relatively few customs and excise taxes. Customs and excise taxes are imposed on all dutiable goods imported into or manufactured in Singapore. Dutiable goods primarily include:
Owners of immovable property located in Singapore are subject to annual property tax on the assessed value of the property. The general property tax rate is 10% per annum. The rate is 4% per annum for owner-occupied residential properties. For property tax payable from 1 January 2011, the following progressive property tax rates apply to owner-occupied residential properties:
The Government of Singapore levies a water conservation tax to encourage water conservation.
-For domestic users:
-For non-domestic users, a 30% tax applies on the non-domestic water tariff rate, which is 117 cents per cubic meter for all usage.
-For all shipping users, a 30% tax applies on the shipping water tariff rate, which is 192 cents per cubic meter for all usage.
There is a tax on insurance premiums in Singapore. The rate of income tax for insurance companies, whether resident or non-resident, is the normal corporate tax rate of 17%.
The casino tax, which came into operation on 5 February 2010, is a tax levied on the casinos' gross gaming revenue. Gross gaming revenue(GGR) generated from premium players will be taxed at 5% while GGR from all other players will be taxed at 15%.
Road tax is levied annually in Singapore on owners of motor vehicles. Road tax is based on the size (engine capacity) of the vehicle. For example, for a 1600cc petrol-driven car, the road tax (up to 30 June 2009) is S$744 for 12 months.
All business decisions today have tax implications, and it is important for a company to manage their income tax requirement efficiently. Our tax professionals will keep you abreast of developments that may affect your business. We collaborate closely with you to identify and implement tax strategies that work best within your organization.
We can also assist you in structuring your executives; remuneration packages that will offer both your company and your staff the maximum tax benefits. For individuals and family held enterprises, we can help you in organizing your financial affairs in the most tax efficient manner.