Singapore’s Personal Income Tax structure is one of the friendliest and most competitive in the world. The tax year is from 1 January to 31 December in each calendar year and income is assessed on a preceding year basis.
Singapore’s individual income tax schedule is progressive, with higher income earners paying proportionately more income tax. The current top marginal individual income tax rate is 20%. Singapore also calibrates its individual income tax regime to remain as a choice location for businesses, entrepreneurship, and talent.
Besides enjoying competitive individual income tax rates, Singapore tax residents could also avail themselves of a range of personal tax reliefs and rebates.