Go to login incometaxsingapore page via official link below
Login using your username and password. Login screen appears upon successful login
If you still can't access login incometaxsingapore then see Troublshooting options or contact us for help.
From May 2021 most IRAS notices will be digitised and paper notices will be phased out.Access your company's/ business' notices instantly anytime and anywhere in myTax Portal a safe and secured platform! Stay tuned for the upcoming features that will be rolled out in Jan 2021.
Individual income tax Individual income tax in Singapore is payable on an annual basis it is currently based on the progressive tax system (for local residents and tax residents) with taxes ranging from 0% to 22% since Year of Assessment 2017.
Key points of Singapore income tax for individuals include: Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320000. There is no capital gain or inheritance tax. Individuals are taxed only on the income earned in Singapore.
Singapore's personal income tax rates for resident taxpayers are progressive. This means higher income earners pay a proportionately higher tax with the current highest personal income tax rate at 22%.
Non-resident individuals are taxed at a flat rate of 22% except that Singapore employment income is taxed at a flat rate of 15% or at resident rates with personal reliefs whichever yields a higher tax.
The Singapore Income Tax Calculator is designed for Tax Resident Individuals who wish to calculate their salary and income tax deductions for the 2021 Assessment year (The year ending 31 December 2020.
The Singapore tax year runs from 1 January to 31 December annually. The tax charged for a particular Year of Assessment ("YA") is based on income accrued / derived in the calendar year preceding that YA. What are the compliance requirements for tax returns in Singapore?
The annual SRS contribution cap is currently set at $15300 for Singapore citizens and permanent residents and $35700 for foreigners. An individual with a taxable income of $60000 will save about $1070 in his income tax when he contributes $15300. This savings in tax is immediate.
The United States has tax treaties with a number of foreign countries. Under these treaties residents (not necessarily citizens) of foreign countries are taxed at a reduced rate or are exempt from U.S. taxes on certain items of income they receive from sources within the United States. These reduced rates and exemptions vary among countries and specific items of income.
In Singapore the first S$20000 is not taxed. Whereas in US you will be taxed for as little as first S$10000 of your income at a rate of 10%. Secondly a Singaporean will only pay tax around S$4000+ when he is taking in S$80000. Comparing to an American who pays a tax of S$4000+ when he earns S$33000!
Leave a comment