Singapore

Singapore uses a progressive income tax system with relatively low rates, ranging from 0% on the first SGD 20,000 to 22% on income above SGD 320,000 (24% from YA 2024 on income above SGD 1,000,000). A personal relief of SGD 1,000 plus earned income relief of SGD 1,000 (SGD 6,000 for those 55-59, SGD 8,000 for 60+) reduces taxable income. The Central Provident Fund (CPF) is Singapore's mandatory savings scheme. For employees under 55, the total contribution rate is 37% of ordinary wages (20% employee, 17% employer), allocated to Ordinary Account (housing, education), Special Account (retirement), and MediSave Account (healthcare). CPF contributions are capped at a monthly ordinary wage ceiling of SGD 6,800. Singapore has no capital gains tax, no inheritance tax, and no tax on dividend income received by individuals. This makes it particularly attractive for investors and high-net-worth individuals. GST is 9%. Tax reliefs include CPF contributions, course fees, donations (250% deduction), and the Not Ordinarily Resident (NOR) scheme for qualifying expatriates. The corporate tax rate is 17%, with significant exemptions for startups. Singapore has an extensive network of tax treaties.