The amount of tax an individual must pay depends on his or her tax residency status. In Singapore, the following individuals are considered to be tax residents of the country:
Your chargeable income is the amount remaining after deducting from your assessable income the personal reliefs to which you are entitled. From the Year of Assessment 2018, the total amount of reliefs you can claim is subject to an overall relief cap of $80,000. If you are a resident in Singapore, the rates of tax chargeable are as follows:
A non-resident is an individual who has stayed or worked in the country for under 183 days. Non-residents must pay taxes at the following rates:
Similar to corporate income taxes, individuals must file taxes every year with the Inland Revenue Authority of Singapore (IRAS). There are two deadlines to file individual income taxes:
E-filing deadline: April 18
Paper filing deadline: April 15
Form B1 – Employed individuals
Form B – Self-employed individuals
Form M – Non-resident individuals
If taxes are not paid within 30 days, IRAS will issue a penalty currently at 5%.