Brief History of Singapore Tax System Currently, Singapore has a very highly developed market economy. Its economy has been labeled one of the most innovative, most business-friendly and most competitive in the world. The following is a brief look at its current position on taxes regarding capital gains and income, residential property and taxation of foreigners vis-a-vis Singaporeans. Capital Gains Tax Currently, there is no capital gains tax in Singapore. For professional traders, those who earn a living from selling of goods and services for profit, the income generated will be considered personal income and is therefore, subject to personal income tax rates. Rental Income Tax Rental income from the renting of property in Singapore is subject to income tax. Your property, however, is subject to property tax. Your rental income includes the rent of the property, maintenance, furniture and fittings. The net amount, or remainder, after deductions for the expenses, such as property tax, is taxable. Rental income earned by non-residents is subject to the nonresident tax rate of 20%. The taxable income is computed by deducting property tax, insurance, maintenance and repairs from the gross rental income. Depreciation of the property is not deductible. Residential Property Tax Property tax […]
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