🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 32 (from laksa101)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa032.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore","crawl_time":1776312216,"first_indexed_time":1717876686,"http_code":200,"src_unparsed":"com,hawksford!www,\/insights-and-guides\/taxation-and-accounting-in-singapore s443","src_root_hash":"11406729090777353432","history_drop_reason":null,"meta_title":"Singapore tax and accounting guide for businesses","meta_descriptions":["Manage Singapore corporate tax, GST compliance and annual filing. Get essential guidance for your business."],"attrs_boilerpipe_text":"Beyond corporate income tax, other significant taxes include the personal income tax for your employees, goods and services tax (GST) and withholding tax, among others.\nPersonal income tax\nFor effective employee management and compliance in Singapore, understanding the\npersonal income tax regulations\nis essential.\nTax residents in Singapore are taxed on a progressive rate from 0% to 24%. Filing of personal income tax returns is mandatory if their annual income is SG$20,000 or more. Tax residents do not need to pay tax if their annual income is less than SG$20,000.\nOn the other hand, non-residents are taxed at a flat rate of 15% on their employment income or at resident rates, whichever results in a higher tax amount. Other types of income, such as directors’ fees, are taxed at 24%.\nIf your company has five or more employees, you will need to join the\nAuto-Inclusion Scheme (AIS)\n. This involves submitting your employees’ income details to the IRAS, which will simplify the filing process for them. Moving forward, they will only need to verify and submit their personal income tax returns.\nGoods and services tax\nAlso known as value added tax (VAT) in other countries, the goods and services tax (GST) is a consumption tax that is levied on the supply of goods and services, as well as the import of goods into Singapore. Currently set at 9%, GST is an indirect tax applied to the selling price of goods and services provided by GST-registered businesses.\nBear in mind that companies incorporated in Singapore are not automatically registered to charge GST. You will need to continually assess the need to be registered for GST. Registration is compulsory when:\nYour taxable turnover exceeds SG$1 million at the end of the calendar year; or\nYou are currently making sales and can reasonably expect your business turnover to exceed SG$1 million in the next 12 months.\nYou may also voluntarily register for GST. For registrations made on or after 1 April 2026, this will come with the added requirement to\nadopt e-invoicing through the InvoiceNow system\n. This means your company must be able to issue and receive e-invoices once registered. Our team can work with you on the integration process if your company is not yet connected to the InvoiceNow network.\nSubsequently, you will need to e-file your GST return to the IRAS on a quarterly basis. If there is no tax due for the relevant period, you can submit a ‘nil’ return. Penalties will be imposed if you file the GST return late.\nWithholding tax\nWithholding tax is another crucial aspect of Singapore’s tax system, particularly affecting non-resident companies. A company is considered non-resident if its control and management are conducted outside of Singapore, including:\nCompanies incorporated outside Singapore that have operations in Singapore\nSingapore-incorporated offices that are managed and\/or controlled outside Singapore\nSingapore branches of foreign companies\nAs a non-resident company, you may be subject to the withholding tax on certain types of income. Withholding tax requires a payer to deduct tax from payments, such as royalties, interest, or technical services fees made to a non-resident company. The payer then remits this tax to the IRAS. This ensures that tax is collected on income earned in Singapore by non-resident entities.\nThe withholding tax rate will vary based on the type of payment. The primary impact is that it may reduce the net income received by your non-resident company. To provide relief, Singapore has double tax treaties with various countries to prevent companies from being taxed by both jurisdictions.\nProperty tax\nProperty tax in Singapore is a yearly tax on ownership, calculated based on the property’s annual value (AV). The AV reflects the estimated annual rent your property could earn if rented out and is assessed by the IRAS using rental data from similar properties nearby. This tax applies regardless of whether your property is occupied or vacant.\nFor owner-occupied residential properties, progressive rates apply. The first SG$12,000 of AV is exempt, followed by 4% on the next SG$28,000, 6% on the next SG$10,000, with rates gradually increasing to a maximum of 32% on AV above SG$140,000.\nNon-owner-occupied residential properties, such as investment properties, are subject to higher rates. These start at 12% on the first SG$30,000 of AV, rise to 20% on the next SG$15,000, 28% on the following SG$15,000, and reach 36% on AV above SG$60,000.\nFor all other properties, including commercial and industrial premises, a flat 10% of AV applies.\nThe property tax bill is typically issued by the IRAS in December for the year ahead. For example, the bill for 2026 (covering January to December) would be released in late 2025. As with the income tax, you can arrange for payment to be made over 12 months through a GIRO instalment plan.\nStamp duty \nStamp duties are taxes on certain legal documents and transactions, most significantly on property transfers and share acquisitions. As a business, you are most likely to encounter stamp duty in two situations:\nWhen buying or acquiring property\nWhen purchasing shares in another company\nBuying or acquiring property\nFor real estate transactions, two types of stamp duty may apply: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD).\nThe BSD follows a tiered rate structure and is calculated on either the purchase price or the market value of the property, whichever is higher. As of 2025, BSD rates for residential properties are:\n1% on the first SG$180,000 of price\n2% on the next SG$180,000\n3% on the next SG$640,000\n4% on the next SG$500,000\n5% on the next SG$1,500,000\n6% on any value above SG$3 million\nFor non-residential property, such as commercial or industrial units, the BSD is capped at 5%.\nIn addition to the BSD, the ABSD applies in certain cases. For example, Singapore citizens pay 20% ABSD on their second property and 30% on a third or subsequent property. Permanent Residents (PR) pay 5% on their first property, 30% on the second and 35% on the third.\nFor a foreign company or individual considering Singapore residential real estate, however, transaction costs can be high due to the ABSD. Foreigners purchasing any residential property must pay 60% ABSD while companies face an even higher rate of 65%.\nIt’s important to note that stamp duties must be paid promptly, either within 14 days of signing the purchase agreement (if in Singapore) or 30 days if signed overseas. Payment is made to the IRAS, and stamping can be done electronically via IRAS’ e-Stamping portal.\nBuying shares in another company\nWhen you transfer stocks or shares in a Singapore-incorporated company that is not listed on the Singapore Exchange, stamp duty is charged at 0.2% of the purchase price or market value, whichever is higher. This generally applies to private limited company share transactions.\nFor instance, if your company acquires another company’s shares for SG$1 million, stamp duty of 0.2% (SG$2,000) would be payable on the transfer documents. The duty is typically borne by the buyer. It's worth noting that shares in foreign companies and publicly traded Singapore stocks are exempt from stamp duty.\nFor share transfers, stamping must be completed within 14 days of executing the transfer form.\nPillar 2 top-up tax\nIf you are a large multinational enterprise (MNE) with global revenue of at least €750 million and operations in Singapore, take note that from 2025 your effective tax rate will be raised to a minimum of 15%.\nThis adjustment reflects Singapore’s adoption of global tax reforms, with two key measures introduced: the Income Inclusion Rule (IIR) and the Domestic Top-up Tax (DTT).\nUnder the IIR, your home jurisdiction may impose tax on the profits of overseas subsidiaries if those profits were taxed below the 15% minimum abroad. The DTT allows Singapore to collect a top-up locally, ensuring your entities here meet the 15% effective rate.\nFor example, if your Singapore subsidiary enjoys incentives or exemptions that reduce its effective tax rate to 5%, a 10% top-up will apply.\nIt is important to note that this regime applies only to large MNEs. Smaller companies remain unaffected and will continue under the standard 17% corporate tax rate with access to existing reliefs and incentives. Given the complexity of these rules, our team is on hand and ready to help you understand how they may affect your group structure and tax planning.\nTax on charities\nIf your organisation is registered under the Charities Act and approved by the Commissioner of Charities, it will generally be exempt from income tax in Singapore.\nTo strengthen your fundraising efforts, you may also consider applying for the Institution of a Public Character (IPC) status. This allows your donors to claim tax deductions, making your charity more appealing to potential supporters.\nThat said, being a registered charity does not automatically exempt you from all tax obligations. If your charity conducts business activities and its annual taxable supplies exceed SG$1 million, you will still need to register for GST and comply with the relevant requirements.\nIncome tax of trust\nIn Singapore, the tax treatment of trust income depends on how the income is managed. If you retain the income within the trust, it will be taxed at a flat rate of 17%.\nOnce the income is distributed, the tax liability will shift to the beneficiary. If the beneficiary is a Singapore tax resident entitled to trust income under the trust deed, their portion will be taxed at personal income tax rates. They may also claim the usual exemptions and reliefs available to resident taxpayers.\nWhere beneficiaries are non-residents, you remain responsible for the tax. Their share of trust income is taxed at 17%, with you as trustee required to file and pay on their behalf.\nEstate duty\nAs of 2025, Singapore remains estate-duty free, having abolished estate duty back in 2008. The country remains attractive high net worth families and individuals looking to\nset up family offices\n.","attrs_markdown":"- [English](https:\/\/www.hawksford.com\/)\n- [简体中文](https:\/\/www.hawksford.com\/zh\/)\n- [Deutsch](https:\/\/www.hawksford.com\/de\/)\n\nEnglish\n\n[![hawksford-logo](https:\/\/www.hawksford.com\/hubfs\/HD%20Assets\/Logos\/hawksford-logo.svg)](https:\/\/www.hawksford.com\/)\n\n- [About us](https:\/\/www.hawksford.com\/about-us)\n- [Corporate](https:\/\/www.hawksford.com\/corporate-services)\n- [Private Client](https:\/\/www.hawksford.com\/private-client-services)\n- [Funds](https:\/\/www.hawksford.com\/fund-services)\n- [Global Reach](https:\/\/www.hawksford.com\/global-reach)\n- [Insights and guides](https:\/\/www.hawksford.com\/insights-and-guides)\n- [Careers](https:\/\/www.hawksford.com\/careers)\n\n[Contact us](https:\/\/www.hawksford.com\/contact-us-hawksford)\n\n- [English](https:\/\/www.hawksford.com\/)\n- [简体中文](https:\/\/www.hawksford.com\/zh\/)\n- [Deutsch](https:\/\/www.hawksford.com\/de\/)\n\n- [About us](https:\/\/www.hawksford.com\/about-us)\n  - [About us](https:\/\/www.hawksford.com\/about-us)\n  - [Our purpose and values](https:\/\/www.hawksford.com\/purpose-and-values)\n  - [Our people](https:\/\/www.hawksford.com\/our-people)\n  - [Contact us](https:\/\/www.hawksford.com\/contact-us-hawksford)\n- [Our locations](https:\/\/www.hawksford.com\/our-locations)\n- [Corporate](https:\/\/www.hawksford.com\/corporate-services)\n  - [All Corporate services](https:\/\/www.hawksford.com\/corporate-services)\n  - [Capital markets](https:\/\/www.hawksford.com\/corporate-services\/capital-markets)\n  - [Institutional](https:\/\/www.hawksford.com\/corporate-services\/institutional)\n  - [Commercial](https:\/\/www.hawksford.com\/corporate-services\/commercial)\n  - [International expansion](https:\/\/www.hawksford.com\/corporate-services\/international-expansion)\n- [Private Client](https:\/\/www.hawksford.com\/private-client-services)\n  - [All Private Client services](https:\/\/www.hawksford.com\/private-client-services)\n  - [Family office services](https:\/\/www.hawksford.com\/private-client-services\/family-office-services)\n- [Funds](https:\/\/www.hawksford.com\/fund-services)\n- [Global Reach](https:\/\/www.hawksford.com\/global-reach)\n  - [Supporting your global business ambitions](https:\/\/www.hawksford.com\/global-reach)\n  - [Market focus]()\n    - [ASEAN](https:\/\/www.hawksford.com\/global-reach\/asean)\n    - [The Middle East](https:\/\/www.hawksford.com\/global-reach\/middle-east)\n  - [How we've supported our clients](https:\/\/www.hawksford.com\/insights-and-guides?type=casestudies)\n- [Insights and guides](https:\/\/www.hawksford.com\/insights-and-guides)\n  - [All insights and guides](https:\/\/www.hawksford.com\/insights-and-guides)\n  - [Insights](https:\/\/www.hawksford.com\/insights-and-guides?type=insights)\n  - [Guides](https:\/\/www.hawksford.com\/insights-and-guides?type=guides)\n  - [News](https:\/\/www.hawksford.com\/insights-and-guides?type=news)\n  - [Events](https:\/\/www.hawksford.com\/insights-and-guides?type=events)\n  - [Case studies](https:\/\/www.hawksford.com\/insights-and-guides?type=casestudies)\n- [Careers](https:\/\/www.hawksford.com\/careers)\n  - [Hawksford careers](https:\/\/www.hawksford.com\/careers)\n  - [People development](https:\/\/www.hawksford.com\/careers\/people-development)\n  - [Career opportunities](https:\/\/www.hawksford.com\/career-opportunities)\n  - [Life at Hawksford](https:\/\/www.hawksford.com\/careers\/life-at-hawksford)\n  - [Hawksford news](https:\/\/www.hawksford.com\/insights-and-guides?type=news)\n  - [Contact us](https:\/\/www.hawksford.com\/contact-us-hawksford)\n\n[Contact us](https:\/\/www.hawksford.com\/contact-us-hawksford)\n\n[About Hawksford](https:\/\/www.hawksford.com\/about-us)\n\nWe are an international provider of Corporate, Private Client and Fund services. We’re committed to making every interaction meaningful and productive, and delivering solutions that are tailored specifically to you.\n\n- [Collaborative](https:\/\/www.hawksford.com\/purpose-and-values)\n- [Confident](https:\/\/www.hawksford.com\/purpose-and-values)\n- [Expert](https:\/\/www.hawksford.com\/purpose-and-values)\n- [Trusted](https:\/\/www.hawksford.com\/purpose-and-values)\n\nLearn about Hawksford\n\n- [About us](https:\/\/www.hawksford.com\/about-us)\n- [Our purpose and values](https:\/\/www.hawksford.com\/purpose-and-values)\n- [Our people](https:\/\/www.hawksford.com\/our-people)\n- [Our locations](https:\/\/www.hawksford.com\/our-locations)\n- [Contact us](https:\/\/www.hawksford.com\/contact-us-hawksford)\n\nDownload our guide to international expansion\n\nThis guide details the major benefits of international expansion, the challenges involved and how we can help you meet them as you grow your business.\n\n[Download now](https:\/\/www.hawksford.com\/corporate-services\/international-expansion-guide)\n\n[Corporate services](https:\/\/www.hawksford.com\/corporate-services)\n\nWhether you’re a multinational corporation, a family-owned company, a growth or early-stage business, an entrepreneur, high-net-worth individual or intermediary, our wide range of corporate services can deliver the solutions you need.\n\n- [Capital markets](https:\/\/www.hawksford.com\/corporate-services\/capital-markets)\n- [Institutional](https:\/\/www.hawksford.com\/corporate-services\/institutional)\n- [Commercial](https:\/\/www.hawksford.com\/corporate-services\/commercial)\n\n[Contact us](https:\/\/www.hawksford.com\/contact-our-corporate-services-team-hawksford)\n\nOur services\n\n- [Entity formation and administration](https:\/\/www.hawksford.com\/corporate-services\/entity-formation-and-administration)\n- [Account opening and cash management](https:\/\/www.hawksford.com\/corporate-services\/account-opening-services)\n- [Director services](https:\/\/www.hawksford.com\/corporate-services\/director-services)\n- [Company secretarial](https:\/\/www.hawksford.com\/corporate-services\/company-secretarial-services)\n- [Compliance](https:\/\/www.hawksford.com\/corporate-services\/compliance-services)\n- [Tax](https:\/\/www.hawksford.com\/corporate-services\/tax-services)\n- [Transaction management](https:\/\/www.hawksford.com\/corporate-services\/transaction-management)\n- [Accounting](https:\/\/www.hawksford.com\/corporate-services\/accounting-services)\n- [HR and payroll](https:\/\/www.hawksford.com\/corporate-services\/hr-and-payroll-services)\n- [Office services](https:\/\/www.hawksford.com\/corporate-services\/office-services)\n- [Employer of record](https:\/\/www.hawksford.com\/corporate-services\/employer-of-record-services)\n\n[All services](https:\/\/www.hawksford.com\/corporate-services)\n\nEmpowering your global business goals\n\nBespoke solutions for businesses that want to expand or enhance their global footprint\n\n[Our global solutions](https:\/\/www.hawksford.com\/global-reach)\n\nDownload our guide to international expansion\n\nThis guide details the major benefits of international expansion, the challenges involved and how we can help you meet them as you grow your business.\n\n[Download now](https:\/\/www.hawksford.com\/corporate-services\/international-expansion-guide)\n\n[Private Client services](https:\/\/www.hawksford.com\/private-client-services)\n\nOur Private Client team has one goal – to provide solutions that will protect and grow your wealth now and for generations to come.\n\nFrom supporting individuals and family businesses through to full family office services, we work closely with you and your advisers to ensure your ambitions become a reality.\n\n- [Private Client services](https:\/\/www.hawksford.com\/private-client-services\/private-client-wealth-management)\n- [Family office services](https:\/\/www.hawksford.com\/private-client-services\/family-office-services)\n\n[Contact us](https:\/\/www.hawksford.com\/contact-our-private-client-teams)\n\nOur services\n\n- [Trust, company and foundation services](https:\/\/www.hawksford.com\/private-client-services\/trust-company-and-foundation-services)\n- [Private trust companies](https:\/\/www.hawksford.com\/private-client-services\/private-trust-companies)\n- [Philanthropy](https:\/\/www.hawksford.com\/private-client-services\/philanthropy-services)\n- [Real estate](https:\/\/www.hawksford.com\/private-client-services\/property)\n- [Managing lifestyle and luxury assets](https:\/\/www.hawksford.com\/private-client-services\/management-of-luxury-assets)\n- [Wills and probate services](https:\/\/www.hawksford.com\/private-client-services\/wills-and-lpa-services)\n- [Accounting, tax compliance and regulatory reporting](https:\/\/www.hawksford.com\/private-client-services\/accounting-and-tax-reporting)\n- [Family office solutions](https:\/\/www.hawksford.com\/private-client-services\/family-office-services)\n\n[All services](https:\/\/www.hawksford.com\/private-client-services)\n\nThe home of family office\n\nWe are experts in the family office space and have, in some cases, worked with advisers and clients for many generations, ensuring that financial goals continue to be met as family wealth is handed down.\n\n[Speak to our family office experts](https:\/\/www.hawksford.com\/contact-our-private-client-teams)\n\n[Fund services](https:\/\/www.hawksford.com\/fund-services)\n\nOur flexible fund administration services provide invaluable support, whatever your needs. Experts in alternative asset classes and fund structures, we take a hands-on approach in the day-to-day running of your fund, freeing you up to focus on your investments.\n\n- [Fund services](https:\/\/www.hawksford.com\/fund-services)\n\n[Contact us](https:\/\/www.hawksford.com\/contact-our-fund-services-team-hawksford)\n\nOur services\n\n- [Onboarding and establishment](https:\/\/www.hawksford.com\/fund-services\/onboarding-and-establishment)\n- [Company secretarial services](https:\/\/www.hawksford.com\/fund-services\/company-secretarial-services)\n- [Fund accounting services](https:\/\/www.hawksford.com\/fund-services\/fund-accounting-services)\n- [Financial reporting](https:\/\/www.hawksford.com\/fund-services\/financial-reporting)\n- [Investor services](https:\/\/www.hawksford.com\/fund-services\/investor-services)\n- [Banking solutions](https:\/\/www.hawksford.com\/fund-services\/banking-solutions)\n- [Tax reporting](https:\/\/www.hawksford.com\/fund-services\/tax-reporting)\n- [Director services](https:\/\/www.hawksford.com\/fund-services\/director-services)\n- [Fund compliance services](https:\/\/www.hawksford.com\/fund-services\/fund-compliance-services)\n\n[All services](https:\/\/www.hawksford.com\/fund-services)\n\nFund services\n\nWe provide flexible fund administration services targeted at a wide range of alternative asset classes and fund structures.\n\n[Our fund services](https:\/\/www.hawksford.com\/fund-services)\n\nMarket focus\n\nOur multilingual teams have extensive experience working with clients in key regions around the world. We share some of this knowledge and experience in the dedicated market focus pages below.\n\n- [ASEAN](https:\/\/www.hawksford.com\/global-reach\/asean)\n- [The Middle East](https:\/\/www.hawksford.com\/global-reach\/middle-east)\n\nSupporting your global business ambitions\n\nDid you know, we can support you in more than 100 countries?\n\nThrough our global reach and extensive local market knowledge, we’re here to help you achieve your global business ambitions.\n\n[View our interactive guides](https:\/\/www.hawksford.com\/global-reach)\n\nHow we've supported our clients\n\nWe've supported more than 4,000 clients across the globe, helping them to overcome a range of international business challenges.\n\n[Read their stories here](https:\/\/www.hawksford.com\/insights-and-guides?type=casestudies)\n\nGuide: Global  \nexpansion strategy\n\nThis guide provides an overview of what you need to know when considering expanding your business globally\n\n[Download now](https:\/\/www.hawksford.com\/corporate-services\/international-expansion-guide)\n\nInsights, guides and news\n\nHawksford is an international provider of Corporate, Private Client and Fund services. We enable our clients to realise potential and maximise opportunities. We deliver value for our clients by anticipating their needs and thinking beyond tomorrow.\n\n- [Insights and guides](https:\/\/www.hawksford.com\/en-gb\/insights-and-guides)\n- [Hawksford news](https:\/\/www.hawksford.com\/insights-and-guides?type=news)\n\nResource types\n\n- [Case studies](https:\/\/www.hawksford.com\/insights-and-guides?type=casestudies)\n- [Events](https:\/\/www.hawksford.com\/insights-and-guides?type=events)\n- [Guides](https:\/\/www.hawksford.com\/insights-and-guides?type=guides)\n- [Insights](https:\/\/www.hawksford.com\/insights-and-guides?type=insights)\n- [Videos](https:\/\/www.hawksford.com\/insights-and-guides?type=video)\n- [News](https:\/\/www.hawksford.com\/insights-and-guides?type=news)\n\n[All resources](https:\/\/www.hawksford.com\/insights-and-guides)\n\nDownload our guide to international expansion\n\nThis guide details the major benefits of international expansion, the challenges involved and how we can help you meet them as you grow your business.\n\n[Download now](https:\/\/www.hawksford.com\/corporate-services\/international-expansion-guide)\n\nCareers at Hawksford\n\nWe recruit for attitude and train for the skills we require. We understand the importance of investing in our people to help them to fulfill their ambitions.  \n**\\#WeAreHawksford**\n\n1. 1 No Hierarchy\n2. 2 Have fun\n3. 3 Say hi\n4. 4 Respect everyone\n5. 5 Be flexible\n\nBuild your career with us\n\n- [Hawksford careers](https:\/\/www.hawksford.com\/careers)\n- [People development](https:\/\/www.hawksford.com\/careers\/people-development)\n- [Career opportunities](https:\/\/www.hawksford.com\/career-opportunities)\n- [Life at Hawksford](https:\/\/www.hawksford.com\/careers\/life-at-hawksford)\n- [Hawksford news](https:\/\/www.hawksford.com\/insights-and-guides?type=news)\n- [Contact us](https:\/\/www.hawksford.com\/contact-our-careers-team)\n\nCommitted to your ambitions\n\nWe create a smart-working culture where flexibility is fundamental, personal growth is supported, and careers are rewarding and global.\n\n[Contact us](https:\/\/www.hawksford.com\/contact-our-careers-team)\n\n# Understanding tax and accounting in Singapore\nThis guide provides an in-depth look into the key aspects of tax and accounting in Singapore.\n\n[Contact us](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#contact-us)   [Learn more](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#corporate-tax-in-singapore)\n\n[Home](https:\/\/www.hawksford.com\/)\n\n[Guide me Singapore](https:\/\/www.hawksford.com\/guideme\/singapore)\n\n[Understanding tax and accounting in Singapore](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore)\n\nSingapore's reputation as a leading financial hub is supported by its well-structured tax and accounting systems. For businesses, this means access to competitive tax rates and extensive international agreements, but at the same time adhering to policies and standards set out by the government.\n\n## Corporate income tax for companies in Singapore\nSingapore’s corporate income tax rate is 17%. Your Singapore-based company will be taxed on income accrued in or derived from Singapore, including:\n\n- Gains or profits from any trade or business\n- Income from investments, e.g. interest and rental\n- Royalties, premiums, and any other profits from property\n- Other gains of an income nature\n\nFor foreign sourced income received in Singapore, these are taxable unless they can be exempted [under specific scenarios](https:\/\/www.iras.gov.sg\/taxes\/corporate-income-tax\/income-deductions-for-companies\/companies-receiving-foreign-income).\n\n### Headline corporate income tax rate\nSince 1 January 2003, Singapore has adopted a single-tier corporate income tax system. Under this system, the tax paid by your company on chargeable income is considered the final tax, and dividends distributed to shareholders are exempt from further taxation.\n\nTo maintain the status of an attractive business hub and stay competitive, Singapore’s corporate tax rate has remained at 17%.\n\nDepending on the tax exemptions your business is eligible for, your effective tax rate may be lower than the headline rate. You may also be able to benefit from the various industry-specific tax incentives and concessionary tax rates available.\n\nAdditionally, there is no tax on capital gains in Singapore unless such gains arose from the sale or disposal of foreign assets from 1 January 2024 onwards and subject to further conditions. This is a new law under Section 10L and is effective from 1 January 2024. Examples of capitals gains that are not taxable include gains on the sale of fixed assets and gains on foreign exchange on capital transactions.\n\n### Corporate income tax basis period\nIn Singapore, corporate income is assessed on a preceding year basis. This means that the basis period for any year of assessment (YA) refers to the financial year ending (FYE) in the year preceding the YA.\n\nFor example, in 2025, you will be filing a corporate tax return for your company’s financial year that ended anytime between 1 January 2024 to 31 December 2024. Your company’s accounts should be prepared up to the FYE each year.\n\n### Corporate income tax filing due date and compliance\nThe due date for [corporate tax filing for Singapore companies](https:\/\/www.hawksford.com\/insights-and-guides\/singapore-corporate-tax-filing) is 30 November. You must file a complete set of returns that includes Form C\/Form C-S, audited or unaudited accounts and tax computation with the [Inland Revenue Authority of Singapore (IRAS)](https:\/\/www.iras.gov.sg\/).\n\nThe IRAS will then review your submission. In most cases, the filed return is accepted as final, and the IRAS will issue a Notice of Assessment (NOA) reflecting your company’s chargeable income and the corresponding tax payable.\n\n### Corporate income tax payment\nPayment of the corporate income tax is typically due within one month from the date of the NOA. The tax amount and deadline will be specified on the NOA. Should you disagree with the assessment, you will have up to two months from the NOA date to lodge an objection to IRAS, stating the grounds.\n\nOnce the tax assessment is finalised, you can make payment via various methods, the most common being the General Interbank Recurring Order (GIRO). GIRO will allow either a one-time deduction or up to 12 monthly interest-free instalments for the tax amount. You can easily verify your outstanding balance and payment status via the IRAS’ [myTax Portal](https:\/\/mytax.iras.gov.sg\/login\/selection).\n\n### Tax residency of a company\nIt's worth nothing that companies in Singapore are considered either tax resident or non-resident. If your company is tax resident, you may enjoy access to the country’s network of double tax treaties and qualify for tax exemption schemes.\n\nTax residency is determined based on where the business is controlled and managed, typically where your board of directors meets to make strategic decisions. If those board meetings take place outside of Singapore, your company is likely to be treated as non-resident.\n\nA foreign-incorporated company can qualify as Singapore tax resident if key management and decision-making functions are exercised here. This is therefore an important consideration for groups running regional headquarters or holding structures.\n\nIn cases of doubt, the IRAS will assess a range of factors, including where board meetings are held, the residency of directors and whether key employees are based in Singapore.\n\n### Corporate income tax rebates and exemption schemes\nThere are a range of tax exemption schemes available as a form of support, especially if you are operating a small business or have just set up a new company. By default, the company will qualify for the partial tax exemption (PTE), unless it qualifies for the start-up exemption. Under the PTE, 75% of the first SG\\$10,000 of chargeable income and 50% of the next SG\\$190,000 is exempt from tax.\n\nIf the company is newly incorporated, it may be eligible for the tax exemption scheme for new start-up companies (SUTE), which offers a slightly higher exemption in the first three YAs. Under the SUTE, the company qualifies for 75% exemption on the first SG\\$100,000 of chargeable income and 50% exemption on the next SG\\$100,000.\n\nBesides exemptions, the government occasionally introduces corporate income tax rebates. In the [Singapore Budget 2026](https:\/\/www.hawksford.com\/insights-and-guides\/sg-budget-2026-summary-businesses), a rebate of 40% of tax payable (capped at SG\\$30,000) was granted for YA 2026. If you’d like to learn more, our team can help you assess your eligibility for the relevant schemes and assist with your corporate tax filing.\n\n### Transfer pricing\nTransfer pricing compliance is an important requirement in Singapore, especially if you are part of a multinational group. Transfer pricing refers to the prices you set for transactions with related parties such as subsidiaries and affiliates.\n\nSingapore applies the arm’s length principle, meaning these related-party transactions must be priced as though they were conducted between independent parties, reflecting fair market value.\n\nIf you manage cross-border transactions with related entities, you will need to do the due diligence and maintain contemporaneous transfer pricing documentation. This involves keeping the records and information used to determine your transfer prices, prepared before or at the time the transactions occur.\n\nThis documentation is mandatory if your company’s gross revenue exceeds SG\\$10 million, or if you were required to prepare it in the previous year (unless the company qualifies for exemption based on the existing transfer pricing guidelines). While you will not need to file the documentation with your annual tax return, you must have it ready and completed before the tax filing due date.\n\nThe IRAS may request to review your transfer pricing documentation at any time. They also have the authority to adjust your reported profits or losses and impose a 5% surcharge on any upward transfer pricing adjustment. It is therefore important for your related-party transactions to be priced at arm’s length to maintain compliance.\n\n### Record keeping requirements\nBear in mind accounting records, invoices, receipts and other source documents must be retained for at least five years from the relevant YA. For example, records for the financial year 2024 (YA 2025) must be kept until at least the end of 2029.\n\nThis retention rule applies even if your company has ceased operating. If the company is struck off or wound up, an appointed officer or liquidator must ensure records are securely maintained for five years after dissolution.\n\nYou may choose to store your records in either physical or digital form, although the use of accounting software is preferred. Important documents to retain include sales invoices, purchase receipts, bank statements, contracts, payroll records and accounting ledgers.\n\n### Bodies of persons\nA “body of persons” refers to an entity that is not a company or partnership, but still an entity or collective that earns income in Singapore. This typically includes clubs, associations, trade bodies and management corporations for condominiums.\n\nSince YA 2020, the income of bodies of persons is taxed at the prevailing corporate tax rate of 17%. From a compliance standpoint, bodies of persons must file a Form P1 tax return instead of the Form C. Filing must be completed by 15 April each year, earlier than companies. As with companies, there are penalties for late filing or non-filing.\n\n## Other important taxes\nBeyond corporate income tax, other significant taxes include the personal income tax for your employees, goods and services tax (GST) and withholding tax, among others.\n\n### Personal income tax\nFor effective employee management and compliance in Singapore, understanding the [personal income tax regulations](https:\/\/www.hawksford.com\/insights-and-guides\/singapore-expat-income-tax-guide) is essential.\n\nTax residents in Singapore are taxed on a progressive rate from 0% to 24%. Filing of personal income tax returns is mandatory if their annual income is SG\\$20,000 or more. Tax residents do not need to pay tax if their annual income is less than SG\\$20,000.\n\nOn the other hand, non-residents are taxed at a flat rate of 15% on their employment income or at resident rates, whichever results in a higher tax amount. Other types of income, such as directors’ fees, are taxed at 24%.\n\nIf your company has five or more employees, you will need to join the [Auto-Inclusion Scheme (AIS)](https:\/\/www.iras.gov.sg\/taxes\/individual-income-tax\/employers\/auto-inclusion-scheme-\$ais\$-for-employment-income). This involves submitting your employees’ income details to the IRAS, which will simplify the filing process for them. Moving forward, they will only need to verify and submit their personal income tax returns.\n\n### Goods and services tax\nAlso known as value added tax (VAT) in other countries, the goods and services tax (GST) is a consumption tax that is levied on the supply of goods and services, as well as the import of goods into Singapore. Currently set at 9%, GST is an indirect tax applied to the selling price of goods and services provided by GST-registered businesses.\n\nBear in mind that companies incorporated in Singapore are not automatically registered to charge GST. You will need to continually assess the need to be registered for GST. Registration is compulsory when:\n\n- Your taxable turnover exceeds SG\\$1 million at the end of the calendar year; or\n- You are currently making sales and can reasonably expect your business turnover to exceed SG\\$1 million in the next 12 months.\n\nYou may also voluntarily register for GST. For registrations made on or after 1 April 2026, this will come with the added requirement to [adopt e-invoicing through the InvoiceNow system](https:\/\/www.hawksford.com\/insights-and-guides\/gst-registration-einvoicing-singapore). This means your company must be able to issue and receive e-invoices once registered. Our team can work with you on the integration process if your company is not yet connected to the InvoiceNow network.\n\nSubsequently, you will need to e-file your GST return to the IRAS on a quarterly basis. If there is no tax due for the relevant period, you can submit a ‘nil’ return. Penalties will be imposed if you file the GST return late.\n\n### Withholding tax\nWithholding tax is another crucial aspect of Singapore’s tax system, particularly affecting non-resident companies. A company is considered non-resident if its control and management are conducted outside of Singapore, including:\n\n- Companies incorporated outside Singapore that have operations in Singapore\n- Singapore-incorporated offices that are managed and\/or controlled outside Singapore\n- Singapore branches of foreign companies\n\nAs a non-resident company, you may be subject to the withholding tax on certain types of income. Withholding tax requires a payer to deduct tax from payments, such as royalties, interest, or technical services fees made to a non-resident company. The payer then remits this tax to the IRAS. This ensures that tax is collected on income earned in Singapore by non-resident entities.\n\nThe withholding tax rate will vary based on the type of payment. The primary impact is that it may reduce the net income received by your non-resident company. To provide relief, Singapore has double tax treaties with various countries to prevent companies from being taxed by both jurisdictions.\n\n### Property tax\nProperty tax in Singapore is a yearly tax on ownership, calculated based on the property’s annual value (AV). The AV reflects the estimated annual rent your property could earn if rented out and is assessed by the IRAS using rental data from similar properties nearby. This tax applies regardless of whether your property is occupied or vacant.\n\nFor owner-occupied residential properties, progressive rates apply. The first SG\\$12,000 of AV is exempt, followed by 4% on the next SG\\$28,000, 6% on the next SG\\$10,000, with rates gradually increasing to a maximum of 32% on AV above SG\\$140,000.\n\nNon-owner-occupied residential properties, such as investment properties, are subject to higher rates. These start at 12% on the first SG\\$30,000 of AV, rise to 20% on the next SG\\$15,000, 28% on the following SG\\$15,000, and reach 36% on AV above SG\\$60,000.\n\nFor all other properties, including commercial and industrial premises, a flat 10% of AV applies.\n\nThe property tax bill is typically issued by the IRAS in December for the year ahead. For example, the bill for 2026 (covering January to December) would be released in late 2025. As with the income tax, you can arrange for payment to be made over 12 months through a GIRO instalment plan.\n\n### Stamp duty\nStamp duties are taxes on certain legal documents and transactions, most significantly on property transfers and share acquisitions. As a business, you are most likely to encounter stamp duty in two situations:\n\n- When buying or acquiring property\n- When purchasing shares in another company\n#### Buying or acquiring property\nFor real estate transactions, two types of stamp duty may apply: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD).\n\nThe BSD follows a tiered rate structure and is calculated on either the purchase price or the market value of the property, whichever is higher. As of 2025, BSD rates for residential properties are:\n\n- 1% on the first SG\\$180,000 of price\n- 2% on the next SG\\$180,000\n- 3% on the next SG\\$640,000\n- 4% on the next SG\\$500,000\n- 5% on the next SG\\$1,500,000\n- 6% on any value above SG\\$3 million\n\nFor non-residential property, such as commercial or industrial units, the BSD is capped at 5%.\n\nIn addition to the BSD, the ABSD applies in certain cases. For example, Singapore citizens pay 20% ABSD on their second property and 30% on a third or subsequent property. Permanent Residents (PR) pay 5% on their first property, 30% on the second and 35% on the third.\n\nFor a foreign company or individual considering Singapore residential real estate, however, transaction costs can be high due to the ABSD. Foreigners purchasing any residential property must pay 60% ABSD while companies face an even higher rate of 65%.\n\nIt’s important to note that stamp duties must be paid promptly, either within 14 days of signing the purchase agreement (if in Singapore) or 30 days if signed overseas. Payment is made to the IRAS, and stamping can be done electronically via IRAS’ e-Stamping portal.\n\n#### Buying shares in another company\nWhen you transfer stocks or shares in a Singapore-incorporated company that is not listed on the Singapore Exchange, stamp duty is charged at 0.2% of the purchase price or market value, whichever is higher. This generally applies to private limited company share transactions.\n\nFor instance, if your company acquires another company’s shares for SG\\$1 million, stamp duty of 0.2% (SG\\$2,000) would be payable on the transfer documents. The duty is typically borne by the buyer. It's worth noting that shares in foreign companies and publicly traded Singapore stocks are exempt from stamp duty.\n\nFor share transfers, stamping must be completed within 14 days of executing the transfer form.\n\n### Pillar 2 top-up tax\nIf you are a large multinational enterprise (MNE) with global revenue of at least €750 million and operations in Singapore, take note that from 2025 your effective tax rate will be raised to a minimum of 15%.\n\nThis adjustment reflects Singapore’s adoption of global tax reforms, with two key measures introduced: the Income Inclusion Rule (IIR) and the Domestic Top-up Tax (DTT).\n\nUnder the IIR, your home jurisdiction may impose tax on the profits of overseas subsidiaries if those profits were taxed below the 15% minimum abroad. The DTT allows Singapore to collect a top-up locally, ensuring your entities here meet the 15% effective rate.\n\nFor example, if your Singapore subsidiary enjoys incentives or exemptions that reduce its effective tax rate to 5%, a 10% top-up will apply.\n\nIt is important to note that this regime applies only to large MNEs. Smaller companies remain unaffected and will continue under the standard 17% corporate tax rate with access to existing reliefs and incentives. Given the complexity of these rules, our team is on hand and ready to help you understand how they may affect your group structure and tax planning.\n\n### Tax on charities\nIf your organisation is registered under the Charities Act and approved by the Commissioner of Charities, it will generally be exempt from income tax in Singapore.\n\nTo strengthen your fundraising efforts, you may also consider applying for the Institution of a Public Character (IPC) status. This allows your donors to claim tax deductions, making your charity more appealing to potential supporters.\n\nThat said, being a registered charity does not automatically exempt you from all tax obligations. If your charity conducts business activities and its annual taxable supplies exceed SG\\$1 million, you will still need to register for GST and comply with the relevant requirements.\n\n### Income tax of trust\nIn Singapore, the tax treatment of trust income depends on how the income is managed. If you retain the income within the trust, it will be taxed at a flat rate of 17%.\n\nOnce the income is distributed, the tax liability will shift to the beneficiary. If the beneficiary is a Singapore tax resident entitled to trust income under the trust deed, their portion will be taxed at personal income tax rates. They may also claim the usual exemptions and reliefs available to resident taxpayers.\n\nWhere beneficiaries are non-residents, you remain responsible for the tax. Their share of trust income is taxed at 17%, with you as trustee required to file and pay on their behalf.\n\n### Estate duty\nAs of 2025, Singapore remains estate-duty free, having abolished estate duty back in 2008. The country remains attractive high net worth families and individuals looking to [set up family offices](https:\/\/www.hawksford.com\/private-client-services\/family-office-services).\n\n#### Learn more about our corporate tax services\nIn an increasingly challenging global tax landscape, expert support can be vital. Our highly experienced teams will help deal with the key tax compliance, filing and reporting needs of your entities.\n\n[Learn more](https:\/\/www.hawksford.com\/corporate-services\/tax-services)   [Get in touch](https:\/\/www.hawksford.com\/contact-our-corporate-services-team-hawksford)\n\n## Double taxation agreements\nAs a company exploring international business opportunities, taxation might be a cause for concern – particularly when you may be required to pay taxes twice on the same income in two countries. Singapore’s network of more than 80 [double taxation agreements](https:\/\/www.iras.gov.sg\/taxes\/international-tax\/list-of-dtas-limited-dtas-and-eoi-arrangements) (DTAs) may help streamline your tax obligations.\n\n### What is a double taxation agreement?\nA double taxation agreement (DTA) is a bilateral agreement between two countries to prevent double taxation that may occur due to the application of their respective domestic tax laws. Only residents can benefit from the application of the DTA. The definition of a resident will be outlined in the relevant DTA and referred to for application purposes. This applies to both individuals, as well as corporates\/bodies of person.\n\n### Types of income covered under DTAs\nThe types of income typically covered under a DTA include:\n\n- Income from immovable property\n- Shipping and transport\n- Royalties\n- Dividends\n- Capital gains\n- Interest income\n- Director fees\n- Employment income\n- Professional fees\n### Claiming relief under a DTA\nFor foreign income earned from a treaty country, you are entitled to claim relief under the relevant tax treaty by submitting a [Certificate of Residence (COR)](https:\/\/www.hawksford.com\/insights-and-guides\/singapore-certificate-of-residence) to the foreign country. This is proof of your Singapore tax residency.\n\nOn the other hand, if you are a tax resident of a treaty country, you will need to provide IRAS with a completed COR, duly certified by the tax authority of the treaty country.\n\n## Understanding accounting standards in Singapore\nOnce you understand your tax responsibilities, it is equally important to check that your accounting practices are compliant with Singapore’s regulations. As of 2025, Singapore’s accounting standards are based on the International Financial Reporting Standards (IFRS).\n\nIn practice, you can refer to either the [Singapore Financial Reporting Standards International (SFRS(I))](https:\/\/www.acra.gov.sg\/accountancy\/accounting-standards\/pronouncements\/singapore-financial-reporting-standards-\$international\$\/2025-volume) or the [Financial Reporting Standards (FRS)](https:\/\/www.acra.gov.sg\/accountancy\/accounting-standards\/pronouncements\/financial-reporting-standards\/2025-volume) when preparing your financial statements. The SFRS(I) is essentially identical to the IFRS while the FRS is the local version aligned with the IFRS. Note the use of SFRS(I) is mandatory if:\n\n- Your debt or equity securities are listed for trading on a public market in Singapore; or\n- You are in the process of offering such securities for public listing in Singapore.\n\n### SFRS for Small Entities\nThe [SFRS for Small Entities](https:\/\/www.acra.gov.sg\/accountancy\/accounting-standards\/pronouncements\/singapore-financial-reporting-standard-for-small-entities) is an alternative framework to the FRS and SFRS(I) for eligible entities in Singapore. The SFRS for Small Entities provides an optional financial reporting standard, with the objective to provide some relief to smaller private companies while maintaining quality, transparency and comparability. This ensures the investment community and other users of financial statements still have reliable information for decision-making.\n\n### Choosing between SFRS(I)\/FRS and SFRS for Small Entities\nThe SFRS(I) and FRS requires more comprehensive reporting and is mainly used by medium to large companies. In comparison, the SFRS-SE allows for simpler statements with reduced disclosures, which can lower compliance costs. However, its lighter level of detail may not always meet the expectations of investors or other stakeholders.\n\nYou may consider the SFRS-SE if your business:\n\n- Is not publicly accountable\n- Publishes general-purpose financial statements for external users\n- Is a small entity – an entity qualifies as a small entity if it meets at least two of the three following criteria:\n  - Total annual revenue does not exceed SG\\$10 million\n  - Total gross assets do not exceed SG\\$10 million\n  - Total number of employees is 50 or less\n\nYou can then use the SFRS-SE until your business exceeds the thresholds for two consecutive reporting periods. At this point, you will need to transition to the full SFRS.\n\nIf you have just incorporated in Singapore, the SFRS-SE may be adopted right from the first two years of operation, provided your company is not publicly accountable.\n\n### Key financial statements needed for reporting in Singapore\nEach year, you are required to submit a complete set of financial statements to the Accounting and Corporate Regulatory Authority (ACRA). To provide a full picture of your company’s financial performance and position, this will include a:\n\n- **Statement of financial position:** To show assets, liabilities and equity\n- **Statement of profit or loss and other comprehensive income:** To report profit or loss, as well as other comprehensive income for the period\n- **Statement of cash flows:** To detail cash movements from operating, investing and financing activities\n- **Statement of changes in equity:** To explain changes in owners’ equity (for example, opening balance, profit, dividends)\n\nYou’ll also need to provide explanatory notes on your accounting policies and financial statement preparation.\n\n### Charities accounting standard\nIf your organisation is a registered charity or an approved IPC in Singapore, you will need to follow a specific accounting framework known as the Charities Accounting Standard (CAS).\n\nUnder the CAS, your financial statements must include a statement of financial activities, a balance sheet, and a statement of cash flows. These differ slightly from the financial statements prepared by companies, but they serve the same purpose of giving a clear view of your charity’s resources and expenditures.\n\nHowever, if you have significant non-charity subsidiaries, you must apply the full SFRS instead.\n\n![logo-moleskine](https:\/\/www.hawksford.com\/hubfs\/Hawksford-Website\/Partner%20Logos\/Testimonials\/logo-moleskine.png)\n\n*“We’ve been working with Hawksford since 2012 when we decided to set up our own entities in Asia. The team is very professional and helpful. They took care of every step of business formation, giving us advice and responding to our needs in a timely manner.\"*\n\n**Sophia Zhou, APAC Finance Controller, Moleskine China**\n\n[Read more](https:\/\/www.hawksford.com\/hawksford-supports-moleskine-expand)\n\nBack to top\n\n- Table of contents\n- [Corporate tax in Singapore](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#corporate-tax-in-singapore)\n- [Other important taxes](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#other-important-taxes)\n- [Double taxation agreements](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#double-taxation-agreements)\n- [Accounting standards in Singapore](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#accounting-standards-in-singapore)\n- [Next steps](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#next-steps)\n\n[Contact us](https:\/\/www.hawksford.com\/insights-and-guides\/taxation-and-accounting-in-singapore#contact-us)\n\n## Next steps\nBeyond knowing what to do, we see the challenge for many businesses is having to find the time and expertise to do it consistently. There is, after all, little margin for error when it comes to meeting filing deadlines and record-keeping requirements.\n\nIf you require support in these areas, we are well-positioned to assist and help you fulfil your obligations. With offices in [Singapore](https:\/\/www.hawksford.com\/our-locations\/singapore) and other key business locations around the world, our expert teams can work with you closely and provide a range of [tax](https:\/\/www.hawksford.com\/corporate-services\/tax-services) and [accounting services](https:\/\/www.hawksford.com\/corporate-services\/accounting-services). For more information, please get in touch.\n\n![Singapore business discussion](https:\/\/www.hawksford.com\/hs-fs\/hubfs\/Hawksford-Website\/Locations\/SING-business-discussion-contact-511x511.jpg?width=375&height=375&name=SING-business-discussion-contact-511x511.jpg)\n\n## Contact our experts\nWe aim to make every interaction with you meaningful. Tell us a little about you and your ambitions and our team will be in touch.\n\n[Get in touch](https:\/\/www.hawksford.com\/contact-our-corporate-services-team-hawksford)\n\n### Explore further Singapore focused resources\n[![singapore workplace fairness act](https:\/\/www.hawksford.com\/hs-fs\/hubfs\/Hawksford-Website\/insights-guides\/Card%20images%20450px%20x%20180px\/Singapore-buildings-card.jpg?width=339&height=179&name=Singapore-buildings-card.jpg) Insights 15 April 2026 Singapore’s Workplace Fairness Act: a guide for multinationals Align global policies with Singapore's Workplace Fairness Act (WFA). A... 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Read insights](https:\/\/www.hawksford.com\/insights-and-guides\/singapore-expat-income-tax-guide)\n\n[![Singapore budget](https:\/\/www.hawksford.com\/hs-fs\/hubfs\/Hawksford-Website\/insights-guides\/Card%20images%20450px%20x%20180px\/Singapore-budget-card.jpg?width=339&height=179&name=Singapore-budget-card.jpg) Insights 13 February 2026 Singapore Budget 2026 summary: what it means for businesses Explore our Singapore Budget 2026 summary for businesses and investors.... Read more](https:\/\/www.hawksford.com\/insights-and-guides\/sg-budget-2026-summary-businesses)\n\n[![singapore-immigration-airport-walkway](https:\/\/www.hawksford.com\/hs-fs\/hubfs\/Hawksford-Website\/insights-guides\/Card%20images%20450px%20x%20180px\/singapore-immigration-airport-walkway.jpg?width=339&height=179&name=singapore-immigration-airport-walkway.jpg) Guides 29 January 2026 Singapore immigration: residency, work passes and citizenship Explore Singapore's residency schemes, work passes, and citizenship... 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Read more](https:\/\/www.hawksford.com\/insights-and-guides\/business-data-protection-singapore)\n\n[Visit the Guideme Singapore page](https:\/\/www.hawksford.com\/guideme\/singapore)\n\n[![Hawksford light logo](https:\/\/www.hawksford.com\/hubfs\/HD%20Assets\/Logos\/Hwaksford%20light%20logo.svg)](https:\/\/www.hawksford.com\/)\n\nThinking  \nBeyond  \nTomorrow.\n\n- [About Hawksford](https:\/\/www.hawksford.com\/about-us)\n- [Our locations](https:\/\/www.hawksford.com\/our-locations)\n- [Insights and guides](https:\/\/www.hawksford.com\/insights-and-guides)\n- [Careers](https:\/\/www.hawksford.com\/careers)\n\n- [Corporate](https:\/\/www.hawksford.com\/corporate-services)\n- [Private Client](https:\/\/www.hawksford.com\/private-client-services)\n- [Funds](https:\/\/www.hawksford.com\/fund-services)\n\n- [Global Reach](https:\/\/www.hawksford.com\/global-reach)\n- [Contact us](https:\/\/www.hawksford.com\/contact-us-hawksford)\n\n- [Privacy policy](https:\/\/www.hawksford.com\/privacy-notice)\n- [Terms of use](https:\/\/www.hawksford.com\/terms-of-use)\n- [Accessibility](https:\/\/www.hawksford.com\/accessibility)\n- [Cookie policy](https:\/\/www.hawksford.com\/cookie-policy)\n\n© 2026 Hawksford. All rights reserved.\n\nFollow us:","attrs_readable_markdown":"Beyond corporate income tax, other significant taxes include the personal income tax for your employees, goods and services tax (GST) and withholding tax, among others.\n\nPersonal income tax\n\nFor effective employee management and compliance in Singapore, understanding the [personal income tax regulations](https:\/\/www.hawksford.com\/insights-and-guides\/singapore-expat-income-tax-guide) is essential.\n\nTax residents in Singapore are taxed on a progressive rate from 0% to 24%. Filing of personal income tax returns is mandatory if their annual income is SG\\$20,000 or more. Tax residents do not need to pay tax if their annual income is less than SG\\$20,000.\n\nOn the other hand, non-residents are taxed at a flat rate of 15% on their employment income or at resident rates, whichever results in a higher tax amount. Other types of income, such as directors’ fees, are taxed at 24%.\n\nIf your company has five or more employees, you will need to join the [Auto-Inclusion Scheme (AIS)](https:\/\/www.iras.gov.sg\/taxes\/individual-income-tax\/employers\/auto-inclusion-scheme-\$ais\$-for-employment-income). This involves submitting your employees’ income details to the IRAS, which will simplify the filing process for them. Moving forward, they will only need to verify and submit their personal income tax returns.\n\nGoods and services tax\n\nAlso known as value added tax (VAT) in other countries, the goods and services tax (GST) is a consumption tax that is levied on the supply of goods and services, as well as the import of goods into Singapore. Currently set at 9%, GST is an indirect tax applied to the selling price of goods and services provided by GST-registered businesses.\n\nBear in mind that companies incorporated in Singapore are not automatically registered to charge GST. You will need to continually assess the need to be registered for GST. Registration is compulsory when:\n\n- Your taxable turnover exceeds SG\\$1 million at the end of the calendar year; or\n- You are currently making sales and can reasonably expect your business turnover to exceed SG\\$1 million in the next 12 months.\n\nYou may also voluntarily register for GST. For registrations made on or after 1 April 2026, this will come with the added requirement to [adopt e-invoicing through the InvoiceNow system](https:\/\/www.hawksford.com\/insights-and-guides\/gst-registration-einvoicing-singapore). This means your company must be able to issue and receive e-invoices once registered. Our team can work with you on the integration process if your company is not yet connected to the InvoiceNow network.\n\nSubsequently, you will need to e-file your GST return to the IRAS on a quarterly basis. If there is no tax due for the relevant period, you can submit a ‘nil’ return. Penalties will be imposed if you file the GST return late.\n\nWithholding tax\n\nWithholding tax is another crucial aspect of Singapore’s tax system, particularly affecting non-resident companies. A company is considered non-resident if its control and management are conducted outside of Singapore, including:\n\n- Companies incorporated outside Singapore that have operations in Singapore\n- Singapore-incorporated offices that are managed and\/or controlled outside Singapore\n- Singapore branches of foreign companies\n\nAs a non-resident company, you may be subject to the withholding tax on certain types of income. Withholding tax requires a payer to deduct tax from payments, such as royalties, interest, or technical services fees made to a non-resident company. The payer then remits this tax to the IRAS. This ensures that tax is collected on income earned in Singapore by non-resident entities.\n\nThe withholding tax rate will vary based on the type of payment. The primary impact is that it may reduce the net income received by your non-resident company. To provide relief, Singapore has double tax treaties with various countries to prevent companies from being taxed by both jurisdictions.\n\nProperty tax\n\nProperty tax in Singapore is a yearly tax on ownership, calculated based on the property’s annual value (AV). The AV reflects the estimated annual rent your property could earn if rented out and is assessed by the IRAS using rental data from similar properties nearby. This tax applies regardless of whether your property is occupied or vacant.\n\nFor owner-occupied residential properties, progressive rates apply. The first SG\\$12,000 of AV is exempt, followed by 4% on the next SG\\$28,000, 6% on the next SG\\$10,000, with rates gradually increasing to a maximum of 32% on AV above SG\\$140,000.\n\nNon-owner-occupied residential properties, such as investment properties, are subject to higher rates. These start at 12% on the first SG\\$30,000 of AV, rise to 20% on the next SG\\$15,000, 28% on the following SG\\$15,000, and reach 36% on AV above SG\\$60,000.\n\nFor all other properties, including commercial and industrial premises, a flat 10% of AV applies.\n\nThe property tax bill is typically issued by the IRAS in December for the year ahead. For example, the bill for 2026 (covering January to December) would be released in late 2025. As with the income tax, you can arrange for payment to be made over 12 months through a GIRO instalment plan.\n\nStamp duty\n\nStamp duties are taxes on certain legal documents and transactions, most significantly on property transfers and share acquisitions. As a business, you are most likely to encounter stamp duty in two situations:\n\n- When buying or acquiring property\n- When purchasing shares in another company\n#### Buying or acquiring property\nFor real estate transactions, two types of stamp duty may apply: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD).\n\nThe BSD follows a tiered rate structure and is calculated on either the purchase price or the market value of the property, whichever is higher. As of 2025, BSD rates for residential properties are:\n\n- 1% on the first SG\\$180,000 of price\n- 2% on the next SG\\$180,000\n- 3% on the next SG\\$640,000\n- 4% on the next SG\\$500,000\n- 5% on the next SG\\$1,500,000\n- 6% on any value above SG\\$3 million\n\nFor non-residential property, such as commercial or industrial units, the BSD is capped at 5%.\n\nIn addition to the BSD, the ABSD applies in certain cases. For example, Singapore citizens pay 20% ABSD on their second property and 30% on a third or subsequent property. Permanent Residents (PR) pay 5% on their first property, 30% on the second and 35% on the third.\n\nFor a foreign company or individual considering Singapore residential real estate, however, transaction costs can be high due to the ABSD. Foreigners purchasing any residential property must pay 60% ABSD while companies face an even higher rate of 65%.\n\nIt’s important to note that stamp duties must be paid promptly, either within 14 days of signing the purchase agreement (if in Singapore) or 30 days if signed overseas. Payment is made to the IRAS, and stamping can be done electronically via IRAS’ e-Stamping portal.\n\n#### Buying shares in another company\nWhen you transfer stocks or shares in a Singapore-incorporated company that is not listed on the Singapore Exchange, stamp duty is charged at 0.2% of the purchase price or market value, whichever is higher. This generally applies to private limited company share transactions.\n\nFor instance, if your company acquires another company’s shares for SG\\$1 million, stamp duty of 0.2% (SG\\$2,000) would be payable on the transfer documents. The duty is typically borne by the buyer. It's worth noting that shares in foreign companies and publicly traded Singapore stocks are exempt from stamp duty.\n\nFor share transfers, stamping must be completed within 14 days of executing the transfer form.\n\nPillar 2 top-up tax\n\nIf you are a large multinational enterprise (MNE) with global revenue of at least €750 million and operations in Singapore, take note that from 2025 your effective tax rate will be raised to a minimum of 15%.\n\nThis adjustment reflects Singapore’s adoption of global tax reforms, with two key measures introduced: the Income Inclusion Rule (IIR) and the Domestic Top-up Tax (DTT).\n\nUnder the IIR, your home jurisdiction may impose tax on the profits of overseas subsidiaries if those profits were taxed below the 15% minimum abroad. The DTT allows Singapore to collect a top-up locally, ensuring your entities here meet the 15% effective rate.\n\nFor example, if your Singapore subsidiary enjoys incentives or exemptions that reduce its effective tax rate to 5%, a 10% top-up will apply.\n\nIt is important to note that this regime applies only to large MNEs. Smaller companies remain unaffected and will continue under the standard 17% corporate tax rate with access to existing reliefs and incentives. Given the complexity of these rules, our team is on hand and ready to help you understand how they may affect your group structure and tax planning.\n\nTax on charities\n\nIf your organisation is registered under the Charities Act and approved by the Commissioner of Charities, it will generally be exempt from income tax in Singapore.\n\nTo strengthen your fundraising efforts, you may also consider applying for the Institution of a Public Character (IPC) status. This allows your donors to claim tax deductions, making your charity more appealing to potential supporters.\n\nThat said, being a registered charity does not automatically exempt you from all tax obligations. If your charity conducts business activities and its annual taxable supplies exceed SG\\$1 million, you will still need to register for GST and comply with the relevant requirements.\n\nIncome tax of trust\n\nIn Singapore, the tax treatment of trust income depends on how the income is managed. If you retain the income within the trust, it will be taxed at a flat rate of 17%.\n\nOnce the income is distributed, the tax liability will shift to the beneficiary. If the beneficiary is a Singapore tax resident entitled to trust income under the trust deed, their portion will be taxed at personal income tax rates. They may also claim the usual exemptions and reliefs available to resident taxpayers.\n\nWhere beneficiaries are non-residents, you remain responsible for the tax. Their share of trust income is taxed at 17%, with you as trustee required to file and pay on their behalf.\n\nEstate duty\n\nAs of 2025, Singapore remains estate-duty free, having abolished estate duty back in 2008. The country remains attractive high net worth families and individuals looking to [set up family offices](https:\/\/www.hawksford.com\/private-client-services\/family-office-services).","meta_canonical":null}

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Boilerpipe Text	Beyond corporate income tax, other significant taxes include the personal income tax for your employees, goods and services tax (GST) and withholding tax, among others. Personal income tax For effective employee management and compliance in Singapore, understanding the personal income tax regulations is essential. Tax residents in Singapore are taxed on a progressive rate from 0% to 24%. Filing of personal income tax returns is mandatory if their annual income is SG$20,000 or more. Tax residents do not need to pay tax if their annual income is less than SG$20,000. On the other hand, non-residents are taxed at a flat rate of 15% on their employment income or at resident rates, whichever results in a higher tax amount. Other types of income, such as directors’ fees, are taxed at 24%. If your company has five or more employees, you will need to join the Auto-Inclusion Scheme (AIS) . This involves submitting your employees’ income details to the IRAS, which will simplify the filing process for them. Moving forward, they will only need to verify and submit their personal income tax returns. Goods and services tax Also known as value added tax (VAT) in other countries, the goods and services tax (GST) is a consumption tax that is levied on the supply of goods and services, as well as the import of goods into Singapore. Currently set at 9%, GST is an indirect tax applied to the selling price of goods and services provided by GST-registered businesses. Bear in mind that companies incorporated in Singapore are not automatically registered to charge GST. You will need to continually assess the need to be registered for GST. Registration is compulsory when: Your taxable turnover exceeds SG$1 million at the end of the calendar year; or You are currently making sales and can reasonably expect your business turnover to exceed SG$1 million in the next 12 months. You may also voluntarily register for GST. For registrations made on or after 1 April 2026, this will come with the added requirement to adopt e-invoicing through the InvoiceNow system . This means your company must be able to issue and receive e-invoices once registered. Our team can work with you on the integration process if your company is not yet connected to the InvoiceNow network. Subsequently, you will need to e-file your GST return to the IRAS on a quarterly basis. If there is no tax due for the relevant period, you can submit a ‘nil’ return. Penalties will be imposed if you file the GST return late. Withholding tax Withholding tax is another crucial aspect of Singapore’s tax system, particularly affecting non-resident companies. A company is considered non-resident if its control and management are conducted outside of Singapore, including: Companies incorporated outside Singapore that have operations in Singapore Singapore-incorporated offices that are managed and/or controlled outside Singapore Singapore branches of foreign companies As a non-resident company, you may be subject to the withholding tax on certain types of income. Withholding tax requires a payer to deduct tax from payments, such as royalties, interest, or technical services fees made to a non-resident company. The payer then remits this tax to the IRAS. This ensures that tax is collected on income earned in Singapore by non-resident entities. The withholding tax rate will vary based on the type of payment. The primary impact is that it may reduce the net income received by your non-resident company. To provide relief, Singapore has double tax treaties with various countries to prevent companies from being taxed by both jurisdictions. Property tax Property tax in Singapore is a yearly tax on ownership, calculated based on the property’s annual value (AV). The AV reflects the estimated annual rent your property could earn if rented out and is assessed by the IRAS using rental data from similar properties nearby. This tax applies regardless of whether your property is occupied or vacant. For owner-occupied residential properties, progressive rates apply. The first SG$12,000 of AV is exempt, followed by 4% on the next SG$28,000, 6% on the next SG$10,000, with rates gradually increasing to a maximum of 32% on AV above SG$140,000. Non-owner-occupied residential properties, such as investment properties, are subject to higher rates. These start at 12% on the first SG$30,000 of AV, rise to 20% on the next SG$15,000, 28% on the following SG$15,000, and reach 36% on AV above SG$60,000. For all other properties, including commercial and industrial premises, a flat 10% of AV applies. The property tax bill is typically issued by the IRAS in December for the year ahead. For example, the bill for 2026 (covering January to December) would be released in late 2025. As with the income tax, you can arrange for payment to be made over 12 months through a GIRO instalment plan. Stamp duty Stamp duties are taxes on certain legal documents and transactions, most significantly on property transfers and share acquisitions. As a business, you are most likely to encounter stamp duty in two situations: When buying or acquiring property When purchasing shares in another company Buying or acquiring property For real estate transactions, two types of stamp duty may apply: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD). The BSD follows a tiered rate structure and is calculated on either the purchase price or the market value of the property, whichever is higher. As of 2025, BSD rates for residential properties are: 1% on the first SG$180,000 of price 2% on the next SG$180,000 3% on the next SG$640,000 4% on the next SG$500,000 5% on the next SG$1,500,000 6% on any value above SG$3 million For non-residential property, such as commercial or industrial units, the BSD is capped at 5%. In addition to the BSD, the ABSD applies in certain cases. For example, Singapore citizens pay 20% ABSD on their second property and 30% on a third or subsequent property. Permanent Residents (PR) pay 5% on their first property, 30% on the second and 35% on the third. For a foreign company or individual considering Singapore residential real estate, however, transaction costs can be high due to the ABSD. Foreigners purchasing any residential property must pay 60% ABSD while companies face an even higher rate of 65%. It’s important to note that stamp duties must be paid promptly, either within 14 days of signing the purchase agreement (if in Singapore) or 30 days if signed overseas. Payment is made to the IRAS, and stamping can be done electronically via IRAS’ e-Stamping portal. Buying shares in another company When you transfer stocks or shares in a Singapore-incorporated company that is not listed on the Singapore Exchange, stamp duty is charged at 0.2% of the purchase price or market value, whichever is higher. This generally applies to private limited company share transactions. For instance, if your company acquires another company’s shares for SG$1 million, stamp duty of 0.2% (SG$2,000) would be payable on the transfer documents. The duty is typically borne by the buyer. It's worth noting that shares in foreign companies and publicly traded Singapore stocks are exempt from stamp duty. For share transfers, stamping must be completed within 14 days of executing the transfer form. Pillar 2 top-up tax If you are a large multinational enterprise (MNE) with global revenue of at least €750 million and operations in Singapore, take note that from 2025 your effective tax rate will be raised to a minimum of 15%. This adjustment reflects Singapore’s adoption of global tax reforms, with two key measures introduced: the Income Inclusion Rule (IIR) and the Domestic Top-up Tax (DTT). Under the IIR, your home jurisdiction may impose tax on the profits of overseas subsidiaries if those profits were taxed below the 15% minimum abroad. The DTT allows Singapore to collect a top-up locally, ensuring your entities here meet the 15% effective rate. For example, if your Singapore subsidiary enjoys incentives or exemptions that reduce its effective tax rate to 5%, a 10% top-up will apply. It is important to note that this regime applies only to large MNEs. Smaller companies remain unaffected and will continue under the standard 17% corporate tax rate with access to existing reliefs and incentives. Given the complexity of these rules, our team is on hand and ready to help you understand how they may affect your group structure and tax planning. Tax on charities If your organisation is registered under the Charities Act and approved by the Commissioner of Charities, it will generally be exempt from income tax in Singapore. To strengthen your fundraising efforts, you may also consider applying for the Institution of a Public Character (IPC) status. This allows your donors to claim tax deductions, making your charity more appealing to potential supporters. That said, being a registered charity does not automatically exempt you from all tax obligations. If your charity conducts business activities and its annual taxable supplies exceed SG$1 million, you will still need to register for GST and comply with the relevant requirements. Income tax of trust In Singapore, the tax treatment of trust income depends on how the income is managed. If you retain the income within the trust, it will be taxed at a flat rate of 17%. Once the income is distributed, the tax liability will shift to the beneficiary. If the beneficiary is a Singapore tax resident entitled to trust income under the trust deed, their portion will be taxed at personal income tax rates. They may also claim the usual exemptions and reliefs available to resident taxpayers. Where beneficiaries are non-residents, you remain responsible for the tax. Their share of trust income is taxed at 17%, with you as trustee required to file and pay on their behalf. Estate duty As of 2025, Singapore remains estate-duty free, having abolished estate duty back in 2008. The country remains attractive high net worth families and individuals looking to set up family offices .
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[Contact us](https://www.hawksford.com/contact-our-careers-team) # Understanding tax and accounting in Singapore This guide provides an in-depth look into the key aspects of tax and accounting in Singapore. [Contact us](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#contact-us) [Learn more](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#corporate-tax-in-singapore) [Home](https://www.hawksford.com/) [Guide me Singapore](https://www.hawksford.com/guideme/singapore) [Understanding tax and accounting in Singapore](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore) Singapore's reputation as a leading financial hub is supported by its well-structured tax and accounting systems. For businesses, this means access to competitive tax rates and extensive international agreements, but at the same time adhering to policies and standards set out by the government. ## Corporate income tax for companies in Singapore Singapore’s corporate income tax rate is 17%. Your Singapore-based company will be taxed on income accrued in or derived from Singapore, including: - Gains or profits from any trade or business - Income from investments, e.g. interest and rental - Royalties, premiums, and any other profits from property - Other gains of an income nature For foreign sourced income received in Singapore, these are taxable unless they can be exempted [under specific scenarios](https://www.iras.gov.sg/taxes/corporate-income-tax/income-deductions-for-companies/companies-receiving-foreign-income). ### Headline corporate income tax rate Since 1 January 2003, Singapore has adopted a single-tier corporate income tax system. Under this system, the tax paid by your company on chargeable income is considered the final tax, and dividends distributed to shareholders are exempt from further taxation. To maintain the status of an attractive business hub and stay competitive, Singapore’s corporate tax rate has remained at 17%. Depending on the tax exemptions your business is eligible for, your effective tax rate may be lower than the headline rate. You may also be able to benefit from the various industry-specific tax incentives and concessionary tax rates available. Additionally, there is no tax on capital gains in Singapore unless such gains arose from the sale or disposal of foreign assets from 1 January 2024 onwards and subject to further conditions. This is a new law under Section 10L and is effective from 1 January 2024. Examples of capitals gains that are not taxable include gains on the sale of fixed assets and gains on foreign exchange on capital transactions. ### Corporate income tax basis period In Singapore, corporate income is assessed on a preceding year basis. This means that the basis period for any year of assessment (YA) refers to the financial year ending (FYE) in the year preceding the YA. For example, in 2025, you will be filing a corporate tax return for your company’s financial year that ended anytime between 1 January 2024 to 31 December 2024. Your company’s accounts should be prepared up to the FYE each year. ### Corporate income tax filing due date and compliance The due date for [corporate tax filing for Singapore companies](https://www.hawksford.com/insights-and-guides/singapore-corporate-tax-filing) is 30 November. You must file a complete set of returns that includes Form C/Form C-S, audited or unaudited accounts and tax computation with the [Inland Revenue Authority of Singapore (IRAS)](https://www.iras.gov.sg/). The IRAS will then review your submission. In most cases, the filed return is accepted as final, and the IRAS will issue a Notice of Assessment (NOA) reflecting your company’s chargeable income and the corresponding tax payable. ### Corporate income tax payment Payment of the corporate income tax is typically due within one month from the date of the NOA. The tax amount and deadline will be specified on the NOA. Should you disagree with the assessment, you will have up to two months from the NOA date to lodge an objection to IRAS, stating the grounds. Once the tax assessment is finalised, you can make payment via various methods, the most common being the General Interbank Recurring Order (GIRO). GIRO will allow either a one-time deduction or up to 12 monthly interest-free instalments for the tax amount. You can easily verify your outstanding balance and payment status via the IRAS’ [myTax Portal](https://mytax.iras.gov.sg/login/selection). ### Tax residency of a company It's worth nothing that companies in Singapore are considered either tax resident or non-resident. If your company is tax resident, you may enjoy access to the country’s network of double tax treaties and qualify for tax exemption schemes. Tax residency is determined based on where the business is controlled and managed, typically where your board of directors meets to make strategic decisions. If those board meetings take place outside of Singapore, your company is likely to be treated as non-resident. A foreign-incorporated company can qualify as Singapore tax resident if key management and decision-making functions are exercised here. This is therefore an important consideration for groups running regional headquarters or holding structures. In cases of doubt, the IRAS will assess a range of factors, including where board meetings are held, the residency of directors and whether key employees are based in Singapore. ### Corporate income tax rebates and exemption schemes There are a range of tax exemption schemes available as a form of support, especially if you are operating a small business or have just set up a new company. By default, the company will qualify for the partial tax exemption (PTE), unless it qualifies for the start-up exemption. Under the PTE, 75% of the first SG\$10,000 of chargeable income and 50% of the next SG\$190,000 is exempt from tax. If the company is newly incorporated, it may be eligible for the tax exemption scheme for new start-up companies (SUTE), which offers a slightly higher exemption in the first three YAs. Under the SUTE, the company qualifies for 75% exemption on the first SG\$100,000 of chargeable income and 50% exemption on the next SG\$100,000. Besides exemptions, the government occasionally introduces corporate income tax rebates. In the [Singapore Budget 2026](https://www.hawksford.com/insights-and-guides/sg-budget-2026-summary-businesses), a rebate of 40% of tax payable (capped at SG\$30,000) was granted for YA 2026. If you’d like to learn more, our team can help you assess your eligibility for the relevant schemes and assist with your corporate tax filing. ### Transfer pricing Transfer pricing compliance is an important requirement in Singapore, especially if you are part of a multinational group. Transfer pricing refers to the prices you set for transactions with related parties such as subsidiaries and affiliates. Singapore applies the arm’s length principle, meaning these related-party transactions must be priced as though they were conducted between independent parties, reflecting fair market value. If you manage cross-border transactions with related entities, you will need to do the due diligence and maintain contemporaneous transfer pricing documentation. This involves keeping the records and information used to determine your transfer prices, prepared before or at the time the transactions occur. This documentation is mandatory if your company’s gross revenue exceeds SG\$10 million, or if you were required to prepare it in the previous year (unless the company qualifies for exemption based on the existing transfer pricing guidelines). While you will not need to file the documentation with your annual tax return, you must have it ready and completed before the tax filing due date. The IRAS may request to review your transfer pricing documentation at any time. They also have the authority to adjust your reported profits or losses and impose a 5% surcharge on any upward transfer pricing adjustment. It is therefore important for your related-party transactions to be priced at arm’s length to maintain compliance. ### Record keeping requirements Bear in mind accounting records, invoices, receipts and other source documents must be retained for at least five years from the relevant YA. For example, records for the financial year 2024 (YA 2025) must be kept until at least the end of 2029. This retention rule applies even if your company has ceased operating. If the company is struck off or wound up, an appointed officer or liquidator must ensure records are securely maintained for five years after dissolution. You may choose to store your records in either physical or digital form, although the use of accounting software is preferred. Important documents to retain include sales invoices, purchase receipts, bank statements, contracts, payroll records and accounting ledgers. ### Bodies of persons A “body of persons” refers to an entity that is not a company or partnership, but still an entity or collective that earns income in Singapore. This typically includes clubs, associations, trade bodies and management corporations for condominiums. Since YA 2020, the income of bodies of persons is taxed at the prevailing corporate tax rate of 17%. From a compliance standpoint, bodies of persons must file a Form P1 tax return instead of the Form C. Filing must be completed by 15 April each year, earlier than companies. As with companies, there are penalties for late filing or non-filing. ## Other important taxes Beyond corporate income tax, other significant taxes include the personal income tax for your employees, goods and services tax (GST) and withholding tax, among others. ### Personal income tax For effective employee management and compliance in Singapore, understanding the [personal income tax regulations](https://www.hawksford.com/insights-and-guides/singapore-expat-income-tax-guide) is essential. Tax residents in Singapore are taxed on a progressive rate from 0% to 24%. Filing of personal income tax returns is mandatory if their annual income is SG\$20,000 or more. Tax residents do not need to pay tax if their annual income is less than SG\$20,000. On the other hand, non-residents are taxed at a flat rate of 15% on their employment income or at resident rates, whichever results in a higher tax amount. Other types of income, such as directors’ fees, are taxed at 24%. If your company has five or more employees, you will need to join the [Auto-Inclusion Scheme (AIS)](https://www.iras.gov.sg/taxes/individual-income-tax/employers/auto-inclusion-scheme-$ais$-for-employment-income). This involves submitting your employees’ income details to the IRAS, which will simplify the filing process for them. Moving forward, they will only need to verify and submit their personal income tax returns. ### Goods and services tax Also known as value added tax (VAT) in other countries, the goods and services tax (GST) is a consumption tax that is levied on the supply of goods and services, as well as the import of goods into Singapore. Currently set at 9%, GST is an indirect tax applied to the selling price of goods and services provided by GST-registered businesses. Bear in mind that companies incorporated in Singapore are not automatically registered to charge GST. You will need to continually assess the need to be registered for GST. Registration is compulsory when: - Your taxable turnover exceeds SG\$1 million at the end of the calendar year; or - You are currently making sales and can reasonably expect your business turnover to exceed SG\$1 million in the next 12 months. You may also voluntarily register for GST. For registrations made on or after 1 April 2026, this will come with the added requirement to [adopt e-invoicing through the InvoiceNow system](https://www.hawksford.com/insights-and-guides/gst-registration-einvoicing-singapore). This means your company must be able to issue and receive e-invoices once registered. Our team can work with you on the integration process if your company is not yet connected to the InvoiceNow network. Subsequently, you will need to e-file your GST return to the IRAS on a quarterly basis. If there is no tax due for the relevant period, you can submit a ‘nil’ return. Penalties will be imposed if you file the GST return late. ### Withholding tax Withholding tax is another crucial aspect of Singapore’s tax system, particularly affecting non-resident companies. A company is considered non-resident if its control and management are conducted outside of Singapore, including: - Companies incorporated outside Singapore that have operations in Singapore - Singapore-incorporated offices that are managed and/or controlled outside Singapore - Singapore branches of foreign companies As a non-resident company, you may be subject to the withholding tax on certain types of income. Withholding tax requires a payer to deduct tax from payments, such as royalties, interest, or technical services fees made to a non-resident company. The payer then remits this tax to the IRAS. This ensures that tax is collected on income earned in Singapore by non-resident entities. The withholding tax rate will vary based on the type of payment. The primary impact is that it may reduce the net income received by your non-resident company. To provide relief, Singapore has double tax treaties with various countries to prevent companies from being taxed by both jurisdictions. ### Property tax Property tax in Singapore is a yearly tax on ownership, calculated based on the property’s annual value (AV). The AV reflects the estimated annual rent your property could earn if rented out and is assessed by the IRAS using rental data from similar properties nearby. This tax applies regardless of whether your property is occupied or vacant. For owner-occupied residential properties, progressive rates apply. The first SG\$12,000 of AV is exempt, followed by 4% on the next SG\$28,000, 6% on the next SG\$10,000, with rates gradually increasing to a maximum of 32% on AV above SG\$140,000. Non-owner-occupied residential properties, such as investment properties, are subject to higher rates. These start at 12% on the first SG\$30,000 of AV, rise to 20% on the next SG\$15,000, 28% on the following SG\$15,000, and reach 36% on AV above SG\$60,000. For all other properties, including commercial and industrial premises, a flat 10% of AV applies. The property tax bill is typically issued by the IRAS in December for the year ahead. For example, the bill for 2026 (covering January to December) would be released in late 2025. As with the income tax, you can arrange for payment to be made over 12 months through a GIRO instalment plan. ### Stamp duty Stamp duties are taxes on certain legal documents and transactions, most significantly on property transfers and share acquisitions. As a business, you are most likely to encounter stamp duty in two situations: - When buying or acquiring property - When purchasing shares in another company #### Buying or acquiring property For real estate transactions, two types of stamp duty may apply: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD). The BSD follows a tiered rate structure and is calculated on either the purchase price or the market value of the property, whichever is higher. As of 2025, BSD rates for residential properties are: - 1% on the first SG\$180,000 of price - 2% on the next SG\$180,000 - 3% on the next SG\$640,000 - 4% on the next SG\$500,000 - 5% on the next SG\$1,500,000 - 6% on any value above SG\$3 million For non-residential property, such as commercial or industrial units, the BSD is capped at 5%. In addition to the BSD, the ABSD applies in certain cases. For example, Singapore citizens pay 20% ABSD on their second property and 30% on a third or subsequent property. Permanent Residents (PR) pay 5% on their first property, 30% on the second and 35% on the third. For a foreign company or individual considering Singapore residential real estate, however, transaction costs can be high due to the ABSD. Foreigners purchasing any residential property must pay 60% ABSD while companies face an even higher rate of 65%. It’s important to note that stamp duties must be paid promptly, either within 14 days of signing the purchase agreement (if in Singapore) or 30 days if signed overseas. Payment is made to the IRAS, and stamping can be done electronically via IRAS’ e-Stamping portal. #### Buying shares in another company When you transfer stocks or shares in a Singapore-incorporated company that is not listed on the Singapore Exchange, stamp duty is charged at 0.2% of the purchase price or market value, whichever is higher. This generally applies to private limited company share transactions. For instance, if your company acquires another company’s shares for SG\$1 million, stamp duty of 0.2% (SG\$2,000) would be payable on the transfer documents. The duty is typically borne by the buyer. It's worth noting that shares in foreign companies and publicly traded Singapore stocks are exempt from stamp duty. For share transfers, stamping must be completed within 14 days of executing the transfer form. ### Pillar 2 top-up tax If you are a large multinational enterprise (MNE) with global revenue of at least €750 million and operations in Singapore, take note that from 2025 your effective tax rate will be raised to a minimum of 15%. This adjustment reflects Singapore’s adoption of global tax reforms, with two key measures introduced: the Income Inclusion Rule (IIR) and the Domestic Top-up Tax (DTT). Under the IIR, your home jurisdiction may impose tax on the profits of overseas subsidiaries if those profits were taxed below the 15% minimum abroad. The DTT allows Singapore to collect a top-up locally, ensuring your entities here meet the 15% effective rate. For example, if your Singapore subsidiary enjoys incentives or exemptions that reduce its effective tax rate to 5%, a 10% top-up will apply. It is important to note that this regime applies only to large MNEs. Smaller companies remain unaffected and will continue under the standard 17% corporate tax rate with access to existing reliefs and incentives. Given the complexity of these rules, our team is on hand and ready to help you understand how they may affect your group structure and tax planning. ### Tax on charities If your organisation is registered under the Charities Act and approved by the Commissioner of Charities, it will generally be exempt from income tax in Singapore. To strengthen your fundraising efforts, you may also consider applying for the Institution of a Public Character (IPC) status. This allows your donors to claim tax deductions, making your charity more appealing to potential supporters. That said, being a registered charity does not automatically exempt you from all tax obligations. If your charity conducts business activities and its annual taxable supplies exceed SG\$1 million, you will still need to register for GST and comply with the relevant requirements. ### Income tax of trust In Singapore, the tax treatment of trust income depends on how the income is managed. If you retain the income within the trust, it will be taxed at a flat rate of 17%. Once the income is distributed, the tax liability will shift to the beneficiary. If the beneficiary is a Singapore tax resident entitled to trust income under the trust deed, their portion will be taxed at personal income tax rates. They may also claim the usual exemptions and reliefs available to resident taxpayers. Where beneficiaries are non-residents, you remain responsible for the tax. Their share of trust income is taxed at 17%, with you as trustee required to file and pay on their behalf. ### Estate duty As of 2025, Singapore remains estate-duty free, having abolished estate duty back in 2008. The country remains attractive high net worth families and individuals looking to [set up family offices](https://www.hawksford.com/private-client-services/family-office-services). #### Learn more about our corporate tax services In an increasingly challenging global tax landscape, expert support can be vital. Our highly experienced teams will help deal with the key tax compliance, filing and reporting needs of your entities. [Learn more](https://www.hawksford.com/corporate-services/tax-services) [Get in touch](https://www.hawksford.com/contact-our-corporate-services-team-hawksford) ## Double taxation agreements As a company exploring international business opportunities, taxation might be a cause for concern – particularly when you may be required to pay taxes twice on the same income in two countries. Singapore’s network of more than 80 [double taxation agreements](https://www.iras.gov.sg/taxes/international-tax/list-of-dtas-limited-dtas-and-eoi-arrangements) (DTAs) may help streamline your tax obligations. ### What is a double taxation agreement? A double taxation agreement (DTA) is a bilateral agreement between two countries to prevent double taxation that may occur due to the application of their respective domestic tax laws. Only residents can benefit from the application of the DTA. The definition of a resident will be outlined in the relevant DTA and referred to for application purposes. This applies to both individuals, as well as corporates/bodies of person. ### Types of income covered under DTAs The types of income typically covered under a DTA include: - Income from immovable property - Shipping and transport - Royalties - Dividends - Capital gains - Interest income - Director fees - Employment income - Professional fees ### Claiming relief under a DTA For foreign income earned from a treaty country, you are entitled to claim relief under the relevant tax treaty by submitting a [Certificate of Residence (COR)](https://www.hawksford.com/insights-and-guides/singapore-certificate-of-residence) to the foreign country. This is proof of your Singapore tax residency. On the other hand, if you are a tax resident of a treaty country, you will need to provide IRAS with a completed COR, duly certified by the tax authority of the treaty country. ## Understanding accounting standards in Singapore Once you understand your tax responsibilities, it is equally important to check that your accounting practices are compliant with Singapore’s regulations. As of 2025, Singapore’s accounting standards are based on the International Financial Reporting Standards (IFRS). In practice, you can refer to either the [Singapore Financial Reporting Standards International (SFRS(I))](https://www.acra.gov.sg/accountancy/accounting-standards/pronouncements/singapore-financial-reporting-standards-$international$/2025-volume) or the [Financial Reporting Standards (FRS)](https://www.acra.gov.sg/accountancy/accounting-standards/pronouncements/financial-reporting-standards/2025-volume) when preparing your financial statements. The SFRS(I) is essentially identical to the IFRS while the FRS is the local version aligned with the IFRS. Note the use of SFRS(I) is mandatory if: - Your debt or equity securities are listed for trading on a public market in Singapore; or - You are in the process of offering such securities for public listing in Singapore. ### SFRS for Small Entities The [SFRS for Small Entities](https://www.acra.gov.sg/accountancy/accounting-standards/pronouncements/singapore-financial-reporting-standard-for-small-entities) is an alternative framework to the FRS and SFRS(I) for eligible entities in Singapore. The SFRS for Small Entities provides an optional financial reporting standard, with the objective to provide some relief to smaller private companies while maintaining quality, transparency and comparability. This ensures the investment community and other users of financial statements still have reliable information for decision-making. ### Choosing between SFRS(I)/FRS and SFRS for Small Entities The SFRS(I) and FRS requires more comprehensive reporting and is mainly used by medium to large companies. In comparison, the SFRS-SE allows for simpler statements with reduced disclosures, which can lower compliance costs. However, its lighter level of detail may not always meet the expectations of investors or other stakeholders. You may consider the SFRS-SE if your business: - Is not publicly accountable - Publishes general-purpose financial statements for external users - Is a small entity – an entity qualifies as a small entity if it meets at least two of the three following criteria: - Total annual revenue does not exceed SG\$10 million - Total gross assets do not exceed SG\$10 million - Total number of employees is 50 or less You can then use the SFRS-SE until your business exceeds the thresholds for two consecutive reporting periods. At this point, you will need to transition to the full SFRS. If you have just incorporated in Singapore, the SFRS-SE may be adopted right from the first two years of operation, provided your company is not publicly accountable. ### Key financial statements needed for reporting in Singapore Each year, you are required to submit a complete set of financial statements to the Accounting and Corporate Regulatory Authority (ACRA). To provide a full picture of your company’s financial performance and position, this will include a: - Statement of financial position: To show assets, liabilities and equity - Statement of profit or loss and other comprehensive income: To report profit or loss, as well as other comprehensive income for the period - Statement of cash flows: To detail cash movements from operating, investing and financing activities - Statement of changes in equity: To explain changes in owners’ equity (for example, opening balance, profit, dividends) You’ll also need to provide explanatory notes on your accounting policies and financial statement preparation. ### Charities accounting standard If your organisation is a registered charity or an approved IPC in Singapore, you will need to follow a specific accounting framework known as the Charities Accounting Standard (CAS). Under the CAS, your financial statements must include a statement of financial activities, a balance sheet, and a statement of cash flows. These differ slightly from the financial statements prepared by companies, but they serve the same purpose of giving a clear view of your charity’s resources and expenditures. However, if you have significant non-charity subsidiaries, you must apply the full SFRS instead. ![logo-moleskine](https://www.hawksford.com/hubfs/Hawksford-Website/Partner%20Logos/Testimonials/logo-moleskine.png) “We’ve been working with Hawksford since 2012 when we decided to set up our own entities in Asia. The team is very professional and helpful. They took care of every step of business formation, giving us advice and responding to our needs in a timely manner." Sophia Zhou, APAC Finance Controller, Moleskine China [Read more](https://www.hawksford.com/hawksford-supports-moleskine-expand) Back to top - Table of contents - [Corporate tax in Singapore](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#corporate-tax-in-singapore) - [Other important taxes](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#other-important-taxes) - [Double taxation agreements](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#double-taxation-agreements) - [Accounting standards in Singapore](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#accounting-standards-in-singapore) - [Next steps](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#next-steps) [Contact us](https://www.hawksford.com/insights-and-guides/taxation-and-accounting-in-singapore#contact-us) ## Next steps Beyond knowing what to do, we see the challenge for many businesses is having to find the time and expertise to do it consistently. There is, after all, little margin for error when it comes to meeting filing deadlines and record-keeping requirements. If you require support in these areas, we are well-positioned to assist and help you fulfil your obligations. With offices in [Singapore](https://www.hawksford.com/our-locations/singapore) and other key business locations around the world, our expert teams can work with you closely and provide a range of [tax](https://www.hawksford.com/corporate-services/tax-services) and [accounting services](https://www.hawksford.com/corporate-services/accounting-services). For more information, please get in touch. ![Singapore business discussion](https://www.hawksford.com/hs-fs/hubfs/Hawksford-Website/Locations/SING-business-discussion-contact-511x511.jpg?width=375&height=375&name=SING-business-discussion-contact-511x511.jpg) ## Contact our experts We aim to make every interaction with you meaningful. Tell us a little about you and your ambitions and our team will be in touch. [Get in touch](https://www.hawksford.com/contact-our-corporate-services-team-hawksford) ### Explore further Singapore focused resources [![singapore workplace fairness act](https://www.hawksford.com/hs-fs/hubfs/Hawksford-Website/insights-guides/Card%20images%20450px%20x%20180px/Singapore-buildings-card.jpg?width=339&height=179&name=Singapore-buildings-card.jpg) Insights 15 April 2026 Singapore’s Workplace Fairness Act: a guide for multinationals Align global policies with Singapore's Workplace Fairness Act (WFA). A... 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Readable Markdown	Beyond corporate income tax, other significant taxes include the personal income tax for your employees, goods and services tax (GST) and withholding tax, among others. Personal income tax For effective employee management and compliance in Singapore, understanding the [personal income tax regulations](https://www.hawksford.com/insights-and-guides/singapore-expat-income-tax-guide) is essential. Tax residents in Singapore are taxed on a progressive rate from 0% to 24%. Filing of personal income tax returns is mandatory if their annual income is SG\$20,000 or more. Tax residents do not need to pay tax if their annual income is less than SG\$20,000. On the other hand, non-residents are taxed at a flat rate of 15% on their employment income or at resident rates, whichever results in a higher tax amount. Other types of income, such as directors’ fees, are taxed at 24%. If your company has five or more employees, you will need to join the [Auto-Inclusion Scheme (AIS)](https://www.iras.gov.sg/taxes/individual-income-tax/employers/auto-inclusion-scheme-$ais$-for-employment-income). This involves submitting your employees’ income details to the IRAS, which will simplify the filing process for them. Moving forward, they will only need to verify and submit their personal income tax returns. Goods and services tax Also known as value added tax (VAT) in other countries, the goods and services tax (GST) is a consumption tax that is levied on the supply of goods and services, as well as the import of goods into Singapore. Currently set at 9%, GST is an indirect tax applied to the selling price of goods and services provided by GST-registered businesses. Bear in mind that companies incorporated in Singapore are not automatically registered to charge GST. You will need to continually assess the need to be registered for GST. Registration is compulsory when: - Your taxable turnover exceeds SG\$1 million at the end of the calendar year; or - You are currently making sales and can reasonably expect your business turnover to exceed SG\$1 million in the next 12 months. You may also voluntarily register for GST. For registrations made on or after 1 April 2026, this will come with the added requirement to [adopt e-invoicing through the InvoiceNow system](https://www.hawksford.com/insights-and-guides/gst-registration-einvoicing-singapore). This means your company must be able to issue and receive e-invoices once registered. Our team can work with you on the integration process if your company is not yet connected to the InvoiceNow network. Subsequently, you will need to e-file your GST return to the IRAS on a quarterly basis. If there is no tax due for the relevant period, you can submit a ‘nil’ return. Penalties will be imposed if you file the GST return late. Withholding tax Withholding tax is another crucial aspect of Singapore’s tax system, particularly affecting non-resident companies. A company is considered non-resident if its control and management are conducted outside of Singapore, including: - Companies incorporated outside Singapore that have operations in Singapore - Singapore-incorporated offices that are managed and/or controlled outside Singapore - Singapore branches of foreign companies As a non-resident company, you may be subject to the withholding tax on certain types of income. Withholding tax requires a payer to deduct tax from payments, such as royalties, interest, or technical services fees made to a non-resident company. The payer then remits this tax to the IRAS. This ensures that tax is collected on income earned in Singapore by non-resident entities. The withholding tax rate will vary based on the type of payment. The primary impact is that it may reduce the net income received by your non-resident company. To provide relief, Singapore has double tax treaties with various countries to prevent companies from being taxed by both jurisdictions. Property tax Property tax in Singapore is a yearly tax on ownership, calculated based on the property’s annual value (AV). The AV reflects the estimated annual rent your property could earn if rented out and is assessed by the IRAS using rental data from similar properties nearby. This tax applies regardless of whether your property is occupied or vacant. For owner-occupied residential properties, progressive rates apply. The first SG\$12,000 of AV is exempt, followed by 4% on the next SG\$28,000, 6% on the next SG\$10,000, with rates gradually increasing to a maximum of 32% on AV above SG\$140,000. Non-owner-occupied residential properties, such as investment properties, are subject to higher rates. These start at 12% on the first SG\$30,000 of AV, rise to 20% on the next SG\$15,000, 28% on the following SG\$15,000, and reach 36% on AV above SG\$60,000. For all other properties, including commercial and industrial premises, a flat 10% of AV applies. The property tax bill is typically issued by the IRAS in December for the year ahead. For example, the bill for 2026 (covering January to December) would be released in late 2025. As with the income tax, you can arrange for payment to be made over 12 months through a GIRO instalment plan. Stamp duty Stamp duties are taxes on certain legal documents and transactions, most significantly on property transfers and share acquisitions. As a business, you are most likely to encounter stamp duty in two situations: - When buying or acquiring property - When purchasing shares in another company #### Buying or acquiring property For real estate transactions, two types of stamp duty may apply: Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD). The BSD follows a tiered rate structure and is calculated on either the purchase price or the market value of the property, whichever is higher. As of 2025, BSD rates for residential properties are: - 1% on the first SG\$180,000 of price - 2% on the next SG\$180,000 - 3% on the next SG\$640,000 - 4% on the next SG\$500,000 - 5% on the next SG\$1,500,000 - 6% on any value above SG\$3 million For non-residential property, such as commercial or industrial units, the BSD is capped at 5%. In addition to the BSD, the ABSD applies in certain cases. For example, Singapore citizens pay 20% ABSD on their second property and 30% on a third or subsequent property. Permanent Residents (PR) pay 5% on their first property, 30% on the second and 35% on the third. For a foreign company or individual considering Singapore residential real estate, however, transaction costs can be high due to the ABSD. Foreigners purchasing any residential property must pay 60% ABSD while companies face an even higher rate of 65%. It’s important to note that stamp duties must be paid promptly, either within 14 days of signing the purchase agreement (if in Singapore) or 30 days if signed overseas. Payment is made to the IRAS, and stamping can be done electronically via IRAS’ e-Stamping portal. #### Buying shares in another company When you transfer stocks or shares in a Singapore-incorporated company that is not listed on the Singapore Exchange, stamp duty is charged at 0.2% of the purchase price or market value, whichever is higher. This generally applies to private limited company share transactions. For instance, if your company acquires another company’s shares for SG\$1 million, stamp duty of 0.2% (SG\$2,000) would be payable on the transfer documents. The duty is typically borne by the buyer. It's worth noting that shares in foreign companies and publicly traded Singapore stocks are exempt from stamp duty. For share transfers, stamping must be completed within 14 days of executing the transfer form. Pillar 2 top-up tax If you are a large multinational enterprise (MNE) with global revenue of at least €750 million and operations in Singapore, take note that from 2025 your effective tax rate will be raised to a minimum of 15%. This adjustment reflects Singapore’s adoption of global tax reforms, with two key measures introduced: the Income Inclusion Rule (IIR) and the Domestic Top-up Tax (DTT). Under the IIR, your home jurisdiction may impose tax on the profits of overseas subsidiaries if those profits were taxed below the 15% minimum abroad. The DTT allows Singapore to collect a top-up locally, ensuring your entities here meet the 15% effective rate. For example, if your Singapore subsidiary enjoys incentives or exemptions that reduce its effective tax rate to 5%, a 10% top-up will apply. It is important to note that this regime applies only to large MNEs. Smaller companies remain unaffected and will continue under the standard 17% corporate tax rate with access to existing reliefs and incentives. Given the complexity of these rules, our team is on hand and ready to help you understand how they may affect your group structure and tax planning. Tax on charities If your organisation is registered under the Charities Act and approved by the Commissioner of Charities, it will generally be exempt from income tax in Singapore. To strengthen your fundraising efforts, you may also consider applying for the Institution of a Public Character (IPC) status. This allows your donors to claim tax deductions, making your charity more appealing to potential supporters. That said, being a registered charity does not automatically exempt you from all tax obligations. If your charity conducts business activities and its annual taxable supplies exceed SG\$1 million, you will still need to register for GST and comply with the relevant requirements. Income tax of trust In Singapore, the tax treatment of trust income depends on how the income is managed. If you retain the income within the trust, it will be taxed at a flat rate of 17%. Once the income is distributed, the tax liability will shift to the beneficiary. If the beneficiary is a Singapore tax resident entitled to trust income under the trust deed, their portion will be taxed at personal income tax rates. They may also claim the usual exemptions and reliefs available to resident taxpayers. Where beneficiaries are non-residents, you remain responsible for the tax. Their share of trust income is taxed at 17%, with you as trustee required to file and pay on their behalf. Estate duty As of 2025, Singapore remains estate-duty free, having abolished estate duty back in 2008. The country remains attractive high net worth families and individuals looking to [set up family offices](https://www.hawksford.com/private-client-services/family-office-services).
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