Singapore implements a progressive income tax structure for resident individuals. The rates range from 2% for taxable income exceeding SGD 20,000, and go up to 22% for income over SGD 1,000,000. In addition to income tax, the city-state operates the Central Provident Fund (CPF), a national pension scheme. This requires contributions from both employers and employees, at rates of 17% and 20% respectively, on ordinary monthly wages up to a ceiling.
To use the Singapore income tax calculator, simply input your desired salary and filing status to begin.
Singapore Tax Brackets and Incentives
Tax Rates for Resident Individuals
(For Tax Year 2023)
| Over (SGD) | Not Over (SGD) | Tax on Over (SGD) | Percentage on Excess (%) |
|---|---|---|---|
| 0 | 20,000 | – | – |
| 20,000 | 30,000 | – | 2.00 |
| 30,000 | 40,000 | 200 | 3.50 |
| 40,000 | 80,000 | 550 | 7.00 |
| 80,000 | 120,000 | 3,350 | 11.50 |
| 120,000 | 160,000 | 7,950 | 15.00 |
| 160,000 | 200,000 | 13,950 | 18.00 |
| 200,000 | 240,000 | 21,150 | 19.00 |
| 240,000 | 280,000 | 28,750 | 19.50 |
| 280,000 | 320,000 | 36,550 | 20.00 |
| 320,000 | 500,000 | 44,550 | 22.00 |
| 500,000 | 1,000,000 | 84,150 | 22.00 |
| 1,000,000 | – | 194,150 | 22.00 |
Tax Rates for Non-Resident Individuals
(For Tax Year 2023)
| Income Type | Tax Rate (%) |
|---|---|
| General Income | 22 |
| Employment Income | Higher of 15 or resident rates |
| Director’s Remuneration | 22 |
| Withholding Tax (WHT) | 22 |
Central Provident Fund (CPF) Contributions
| Contribution Type | Contributor | Contribution Rate (%) | Max Monthly Contribution (SGD) | Max Annual Contribution (SGD) |
|---|---|---|---|---|
| Regular Monthly Wages | Employer | 17 | 1,020 | 12,240 |
| Regular Monthly Wages | Employee | 20 | 1,200 | 14,400 |
| Bonus or Additional Wages | Employer | 17 | Varies* | Varies* |
| Bonus or Additional Wages | Employee | 20 | Varies* | Varies* |
*The CPF contributions for bonus or additional wages are subject to specific conditions as outlined in the original text.
Supplementary Retirement Scheme (SRS) Contribution Limits
| Citizenship Status | Contribution Cap (%) | Max Annual Contribution (SGD) |
|---|---|---|
| Singapore Citizens or Permanent Residents | 15 | 15,300 |
| Foreign Nationals | 35 | 35,700 |
Noteworthy Tax Provisions in Singapore
| Tax Element | Description |
|---|---|
| Capital Gains Tax | Singapore does not impose a capital gains tax. However, repeated capital transactions might be regarded as a business activity, in which case income tax may apply. |
| CPF Provisions for Lower-Income & Elderly Employees | Those earning less than SGD 750/month or aged above 55 are subject to reduced CPF rates. |
| CPF Increment | The CPF income ceiling will undergo a phased increase by 2026. |
| CPF Contributions by Foreigners | Foreign nationals and their employers are generally exempt from CPF contributions. However, foreign employees who gain permanent residency, along with their employers, can contribute at reduced rates for the first two years. |
All values presented are in Singapore dollars (SGD).
