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SINGAPORE PERSONAL TAX
PERSONAL TAX

   Personal tax Information โ€“ for Individuals

   โ€ข	 The amount of income tax that you have to pay depends on your tax residency as well as your
      income range in Singapore.
   โ€ข	 Top marginal resident tax rate of 20% kicks in at S$320,000 of taxable income.
   โ€ข	 Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher
      tax amount.
   โ€ข	 Income is assessed on a preceding calendar year basis, ending 31 December. You must File Your
      Annual Tax Form by 15 April of the following year. You can usually expect to receive the income tax
      bills (Notice of Tax Assessment) during the period May to August.
   โ€ข	 Besides salaries and bonuses, perquisites such as housing and stock options will form part of your
      taxable employment income.
   โ€ข	 Overseas income derived outside Singapore, Singapore dividends and bank interests are tax
      exempt in Singapore.
   โ€ข	 Paying your taxes: Sign up for the 12-month interests free GIRO Deduction Plan to pay your income
      tax by instalments. Otherwise, full payment has to be made within one month from the date of
      the income tax bill.



    Progressive Income Tax Rate for Resident Individuals

                                         YEAR OF ASSESSMENT: 2012
                                Chargeable Income                Rate (%)           Gross Tax Payable ($)
             On the first                20,000                     0.0                        0
             On the next                 10,000                      2                        200
             On the first               30,000                       -                       200
             On the next                10,000                     3.5                       350
             On the first               40,000                       -                       550
             On the next                40,000                      7.                      2,800
             On the first               80,000                       -                      3,350
             On the next                40,000                     11.5                     4,600
             On the next                40,000                      15                      6,000
             On the first               160,000                      -                      13,950
             On the next                40,000                      17                      6,800
             On the next                120,000                     18                      21,600
             On the first               320,000                      -                      42,350
             In excess of               320,000                     20

     Note: If you are a sole-proprietor or partnership, you can turn your expenses to savings! Simply claim
     the tax deduction/allowances under the PIC scheme for YA 2012.




Last updated on March 7, 2012                                                     Copyright ยฉ 2012 Rikvin Pte Ltd
PERSONAL TAX RELIEFS
                                                                                         Year of Assessment Year of Assessment
                                                                                             2012 (SGD)         2013 (SGD)
Earned income         - Under age 55                                                          1,000               1,000
reliefs               - 55 to age 59                                                          3,000               6,000
                      - Age 60 and above                                                      4,000               8,000
Handicapped earned - Under age 55                                                             2,000              4,000
income relief      - 55 to age 59                                                             5,000              10,000
                   - Age 60 and above                                                         6,000              12,000
Spouse relief         To qualify, working spouse must not earn more than $2,000 in            2,000               2,000
                      2010, $4,000 in 2011/2012
Child relief                                                                                  4,000               4,000
Dependent parents     - Living with the taxpayer in the same household (each parent)          7,000               7,000
relief                - Not living with the taxpayer in the same household (each              4,500               4,500
                        parent)
Course fee relief                                                                             5,500               5,500
CPF cash top-up       - By self or employer to selfโ€™s account                              Up to 7,000         Up to 7,000
relief                - By self to spouse, sibling, parentsโ€™ and grandparentsโ€™ account     Up to 7,000         Up to 7,000
Foreign maid levy     - Without foreign domestic worker concession                         Up to 6,360         Up to 6,360
(applicable only to   - With foreign domestic worker concession                            Up to 4,080         Up to 4,080
working mothers)
Grandparent                                                                                   3,000               3,000
caregiver relief
NSman                 - Inactive NSman in previous year (non-key appointment holder)          1,500               1,500
(self/wife/parent)    - Active NSman in previous year (non-key appointment holder)            3,000               3,000
relief                - Inactive in NSman in previous year (key appointment holder)           3,500               3,500
                      - Active in NSman in previous year (key appointment holder)             5,000               5,000
CPF relief            - Age 50 & below                                                     Up to 16,200       Up to 16,200
                      - Age 51 to 55                                                       Up to 14,580       Up to 15,525
                      - Age 56 to 60                                                       Up to 10,125       Up to 10,850
                      - Age 61 to 65                                                       Up to 6,075        Up to 6,375
                      - Above 65                                                           Up to 4,050        Up to 4,250
Supplementary         - Singaporean / Singapore Permanent Resident                         Up to 12,750       Up to 12,750
Retirement Scheme     - Foreigner                                                          Up to 29,750       Up to 29,750
(SRS) relief



  Rikvin can assist you in your personal income tax filings. Our personal tax filing services include:
  โ€ข	 Registration for new tax payers
  โ€ข	 Preparation and filing of income tax return based on your income an determination of possible
     deductions and reliefs that are applicable to you.
  โ€ข	 Request for extension of deadline, if necessary
  โ€ข	 Preparation of Form IR8A and other related statutory forms for employees
  โ€ข	 Tax planning and tax advice




Last updated on March 7, 2012                                                                  Copyright ยฉ 2012 Rikvin Pte Ltd

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Singapore Personal Tax

  • 2. PERSONAL TAX Personal tax Information โ€“ for Individuals โ€ข The amount of income tax that you have to pay depends on your tax residency as well as your income range in Singapore. โ€ข Top marginal resident tax rate of 20% kicks in at S$320,000 of taxable income. โ€ข Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher tax amount. โ€ข Income is assessed on a preceding calendar year basis, ending 31 December. You must File Your Annual Tax Form by 15 April of the following year. You can usually expect to receive the income tax bills (Notice of Tax Assessment) during the period May to August. โ€ข Besides salaries and bonuses, perquisites such as housing and stock options will form part of your taxable employment income. โ€ข Overseas income derived outside Singapore, Singapore dividends and bank interests are tax exempt in Singapore. โ€ข Paying your taxes: Sign up for the 12-month interests free GIRO Deduction Plan to pay your income tax by instalments. Otherwise, full payment has to be made within one month from the date of the income tax bill. Progressive Income Tax Rate for Resident Individuals YEAR OF ASSESSMENT: 2012 Chargeable Income Rate (%) Gross Tax Payable ($) On the first 20,000 0.0 0 On the next 10,000 2 200 On the first 30,000 - 200 On the next 10,000 3.5 350 On the first 40,000 - 550 On the next 40,000 7. 2,800 On the first 80,000 - 3,350 On the next 40,000 11.5 4,600 On the next 40,000 15 6,000 On the first 160,000 - 13,950 On the next 40,000 17 6,800 On the next 120,000 18 21,600 On the first 320,000 - 42,350 In excess of 320,000 20 Note: If you are a sole-proprietor or partnership, you can turn your expenses to savings! Simply claim the tax deduction/allowances under the PIC scheme for YA 2012. Last updated on March 7, 2012 Copyright ยฉ 2012 Rikvin Pte Ltd
  • 3. PERSONAL TAX RELIEFS Year of Assessment Year of Assessment 2012 (SGD) 2013 (SGD) Earned income - Under age 55 1,000 1,000 reliefs - 55 to age 59 3,000 6,000 - Age 60 and above 4,000 8,000 Handicapped earned - Under age 55 2,000 4,000 income relief - 55 to age 59 5,000 10,000 - Age 60 and above 6,000 12,000 Spouse relief To qualify, working spouse must not earn more than $2,000 in 2,000 2,000 2010, $4,000 in 2011/2012 Child relief 4,000 4,000 Dependent parents - Living with the taxpayer in the same household (each parent) 7,000 7,000 relief - Not living with the taxpayer in the same household (each 4,500 4,500 parent) Course fee relief 5,500 5,500 CPF cash top-up - By self or employer to selfโ€™s account Up to 7,000 Up to 7,000 relief - By self to spouse, sibling, parentsโ€™ and grandparentsโ€™ account Up to 7,000 Up to 7,000 Foreign maid levy - Without foreign domestic worker concession Up to 6,360 Up to 6,360 (applicable only to - With foreign domestic worker concession Up to 4,080 Up to 4,080 working mothers) Grandparent 3,000 3,000 caregiver relief NSman - Inactive NSman in previous year (non-key appointment holder) 1,500 1,500 (self/wife/parent) - Active NSman in previous year (non-key appointment holder) 3,000 3,000 relief - Inactive in NSman in previous year (key appointment holder) 3,500 3,500 - Active in NSman in previous year (key appointment holder) 5,000 5,000 CPF relief - Age 50 & below Up to 16,200 Up to 16,200 - Age 51 to 55 Up to 14,580 Up to 15,525 - Age 56 to 60 Up to 10,125 Up to 10,850 - Age 61 to 65 Up to 6,075 Up to 6,375 - Above 65 Up to 4,050 Up to 4,250 Supplementary - Singaporean / Singapore Permanent Resident Up to 12,750 Up to 12,750 Retirement Scheme - Foreigner Up to 29,750 Up to 29,750 (SRS) relief Rikvin can assist you in your personal income tax filings. Our personal tax filing services include: โ€ข Registration for new tax payers โ€ข Preparation and filing of income tax return based on your income an determination of possible deductions and reliefs that are applicable to you. โ€ข Request for extension of deadline, if necessary โ€ข Preparation of Form IR8A and other related statutory forms for employees โ€ข Tax planning and tax advice Last updated on March 7, 2012 Copyright ยฉ 2012 Rikvin Pte Ltd