Other Singapore Taxes

• Withholding Tax
• Stamp Duties
• Customs and Excise Taxes
• Property Tax
• Envionmental Taxes
• Tax on Insurance Premiums
• Casino Tax
• Road Tax

Withholding Tax

Tax must be withheld by the payer from the gross amount paid to a non-resident in respect of the following:

• interest, commissions, fees and other payemtns relating to loans
• royalties or other lump sum payments for the use of movable property
• know-how payments for the use of scientific, technical, industrial or commercial knowledge or information
• technical assistance or service fees
• management fees
• rent for the use of movable property
• directors' remuneration
• specified distributions by unit trusts
• distributions made by a trustee of a real estate investment trust
• certain withdrawals made by Supplementary Retirement Scheme (SRS) members who are non-Singapore citizens
• payments to any non-resident public entertainer
• payments to non-resident individuals or firms of any income accruing in or derived from Singapore on or after 3 May 2002 from any profession or vocation exercised in Singapore, and
• payments of commission or other payments by any person to a non-Singapore resident junket promoter.

Stamp Duties

Under the Stamp Duties Act, stamp duty is chargeable on an instrument of transfer:

• which is executed in Singapore, or
• which is executed outside Singapore and is received in Singapore.

Examples of some common items that are chargeable with stamp duty are:

• the transfer or sale of immovable property
• the sale of shares, and
• transfer of lease or agreement for a lease of any immovable property (including any furniture, chattels, fittings or equipment).

Customs and Excise Taxes

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:

• motor vehicles
• tobacco
• intoxicating liquor, and
• petroleum products

Property Tax

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:

• 0% for the first S$ 6,000 of assessed value
• 4% for the next S$ 59,000 of assessed value
• 6% for the balance of assessed value in excess of S$ 65,000.

Environmental Taxes

The Government of Singapore levies a water conservation tax to encourage water conservation.

-For domestic users:

• a 30% tax applies on the domestic water tariff rate applicable to usage up to 40 cubic meters per month (117 cents per cubic meter), and
• a 45% tax applies  on the domestic water tariff rate applicable to usage above 40 cubic meters per month (140 cents per cubic meter).

-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.

Tax on Insurance Premiums

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%.

Casino Tax

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

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.

Singapore Taxation Services

Overview

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.

Scope of Services

• Corporate tax compliance
• Partnership and personal tax filing
• Tax Planning for corporate and individual
• Singapore tax structuring and Planning
• Tax efficient structuring of employment packages
• Negotiation of tax incentives with tax authorities
• Optimizing use of tax incentives and exemptions
• Fees are subject to the complexity of the taxation accounts