Tax in Singapore: GST, income tax, company tax, capital gains

GST in Singapore

Value-added: output GST less input GST. The rate rose from 8% to 9% in 2024.

Standard rate

9%

Local name

GST — Goods and Services Tax

Type

GST

Reduced rates

None on record

Registration threshold

SGD 1 million turnover/yr

Filing

Quarterly (GST F5)

Authority

Inland Revenue Authority of Singapore

Current rate since

1 January 2024

Company tax in Singapore

The headline corporate income tax rate is 17%. In effect since 1 January 2026.

Flat 17% on chargeable income for local and foreign companies. No reduced rate, but partial tax exemption (75% of first S$10,000 and 50% of next S$190,000 of normal chargeable income) and start-up exemption (75% of first S$100,000 and 50% of next S$100,000 for first 3 YAs). Budget 2026: CIT Rebate of 40% of tax payable for YA 2026 (with cash-grant minimum S$1,500, cap S$30,000; IRAS page notes a later update). Pillar Two (MTT/DTT) not checked on an official page this session. | Cross-check: OECD 2026: central statutory CIT 17%, combined (central+sub-central) 17%

Singapore company tax calculator →

Did you know? Singapore tax facts

• Singapore launched GST at just 3% in 1994 — with an assurance it would not be raised for at least five years — as a gradual introduction rather than a revenue grab.

  The 3% rate was among the lowest consumption-tax rates in the world; it later rose to 4% (2003), 5% (2004), 7% (2007), 8% (2023) and 9% (2024).

  Source: Goods and Services Tax (Singapore) — Wikipedia ↗

• When GST arrived on 1 April 1994, Singapore simultaneously cut its corporate and top personal income tax rates by 3 percentage points (to 27% and 30%) — part of a deliberate shift from direct to indirect taxation, not an extra tax piled on top.

  Both rates had stood at 40% prior to 1986; the move was made on the 1986 Economic Committee's recommendation that Singapore shift from direct to indirect taxes.

  Source: Goods and Services Tax (Singapore) — Wikipedia ↗

• Every Singapore GST hike has come bundled with an offset package that hands lower-income households more than the increase costs them: when the rate rose from 5% to 7% in 2007, the poorest 20% paid about S$370 a year more but received a S$910 offset plus S$1,000 in permanent annual benefits.

  The offsets keep growing: the 'Assurance Package' tied to the 2023–24 hikes was enhanced to over S$10 billion by September 2023.

  Source: Goods and Services Tax (Singapore) — Wikipedia ↗

• Gold, silver and platinum bullion are completely GST-exempt in Singapore — the government treats investment-grade precious metals like financial assets rather than goods.

  The exemption took effect on 1 October 2012 to grow Singapore into a bullion-trading hub; metals must meet purity standards (gold 99.5%, silver 99.9%, platinum 99%) and be in tradable bar/coin/ingot/wafer form.

  Source: Singapore Customs — GST Exemption for Investment Precious Metals ↗

• Singapore set up a standing 'Committee Against GST Profiteering' in 1994 to investigate businesses using the tax as cover to jack up prices.

  The committee investigates complaints of unjustified price increases blamed on GST and was reactivated for later rate changes.

  Source: Goods and Services Tax (Singapore) — Wikipedia ↗

• Singapore's income tax starts at 0% on the first S$20,000 and climbs through a dozen steps to a top rate of 24% on chargeable income above S$1 million.

  IRAS resident rates (YA 2024 onwards): 2% on the next $10,000, then 3.5%, 7%, 11.5%, 15%, 18%, 19%, 19.5%, 20%, 22% on $320,000–$500,000, 23% to $1,000,000 and 24% 'In excess of $1,000,000'; non-resident employment income is taxed at a flat 15% or the resident rates, whichever gives the higher tax.

  Source: IRAS — Individual income tax rates · checked 10 October 2026 ↗

• Singapore has no capital gains tax: IRAS says gains from selling property, shares and financial instruments 'are generally not taxable' — unless you are found to be trading, judged by frequency, motive and holding.

  IRAS: 'Gains from the sale of a property, shares and financial instruments in Singapore are generally not taxable. However, gains from "trading in properties" may be taxable', with the factors being frequency of transactions, motive, financial means to hold long term and holding period.

  Source: IRAS — Gains from sale of property, shares and financial instruments · checked 10 October 2026 ↗

• Singapore's CPF takes 37% of a younger worker's monthly wage — 20% from the employee and 17% from the employer — for everyone aged 55 and below.

  CPF Board, 'Contribution rates from 1 January 2026 (monthly wages > $750)': for employees aged 55 and below the employer pays 17% of wage, the employee 20%, a total of 37%; different ceilings apply to Ordinary Wages and Additional Wages.

  Source: CPF Board — How much CPF contributions to pay · checked 10 October 2026 ↗

• Singapore's corporate tax is a flat 17%, but partial exemption makes 75% of the first S$10,000 and 50% of the next S$190,000 of profit tax-free — and new start-ups get 75% off their first S$100,000 for three years.

  IRAS: 'Your company is taxed at a flat rate of 17% of its chargeable income'; Partial Tax Exemption (YA 2020 onwards): '75% exemption on the first $10,000' and 'A further 50% exemption on the next $190,000'; the start-up exemption gives 75% on the first $100,000 and 50% on the next $100,000 for the first three YAs.

  Source: IRAS — Corporate income tax rate, rebates and tax exemption schemes · checked 10 October 2026 ↗

More stories, for every country that has one, on the tax facts page.