Singapore, Singapore (PressExposure) March 09, 2011 -- Singapore has been one of the best places with lower rate of personal tax compared to most of the developed nations in the world. Being a tax resident in Singapore, one can avail lowest rates of taxation. Not only individuals but investors also find this place consistently profitable for business incorporations. Singapore's considerate policies to support its business have made it possible for it to become a business paradise.
Tax experts have suggested personal income tax rates in Singapore be slashed to help draw more and more business take part in the economic development in AY 2011. Singapore's personal tax rates are lower than the rest of the provincial competitors such as China and Australia. As a tax resident in Singapore for AY 2011, an individual is eligible for a personal income tax rebate of up to SGD 2000. Also, for the AY 2011 individual tax payers in Singapore will be provided a one-off personal income tax rebate of 20%, capped at $2000 per taxpayer which is more than any other regional rival as Hong Kong in China.
Further, Servolve has taken measures to ease up tax payment services for individuals whether residents or expats in Singapore. There has also been considerable tax deduction of 2.5 times the amount of donation. Servolve also specializes in attractive corporate and personal tax regime, tax relief measures, absence of capital gains tax, one-tier tax system, and extensive double taxation avoidance treaties.
Personal income tax rates in Singapore are slightly different for residents and non-residents. As a tax resident you will be levied from 0% to utmost 20% tax upto SGD 320,000 while non-residents are charged flat 15% on whatever income they earn. On the other hand foreigners are exempt from the CPF contributions in Singapore.As a tax resident you will be levied from 0% to utmost 20% tax upto SGD 320,000 while non-residents are charged flat 15% on whatever income they earn. On the other hand foreigners are exempt from the CPF contributions in Singapore.