Other Singapore Tax
Other Singapore Taxes
- Withholding Tax
- Stamp Duties
- Customs and Excise Taxes
- Property Tax
- Environmental Taxes
- Tax on Insurance Premiums
- Casino Tax
- Road Tax
Tax must be withheld by the payer from the gross amount paid to a non-resident in respect of the following:
- Interest, commissions, fees and other payments relating to loans
- Royalties or other lump sum payments for the use of movable property
- Know-how payments for the use of scientific, technical, industrial or commercial knowledge or information
- Technical assistance or service fees
- Management fees
- Rent for the use of movable property
- Directors’ remuneration
- Specified distributions by unit trusts
- Distributions made by a trustee of a real estate investment trust
- Certain withdrawals made by Supplementary Retirement Scheme (SRS) members who are non-Singapore citizens
- Payments to any non-resident public entertainer
- Payments to non-resident individuals or firms of any income accruing in or derived from Singapore on or after 3 May 2002 from any profession or
- Vocation exercised in Singapore, and
- Payments of commission or other payments by any person to a non-Singapore resident junket promoter.
Under the Stamp Duties Act, stamp duty is chargeable on an instrument of transfer:
- which is executed in Singapore, or
- which is executed outside Singapore and is received in Singapore.
Examples of some common items that are chargeable with stamp duty are:
– the transfer or sale of immovable property – the sale of shares, and – transfer of lease or agreement for a lease of any immovable property (including any furniture, chattels, fittings or equipment).
Customs and Exercise Taxes
Singapore is a free port and has relatively few customs and excise taxes. Customs and excise taxes are imposed on all dutiable goods imported into or manufactured in Singapore. Dutiable goods primarily include:
– motor vehicles – tobacco – intoxicating liquor, and – petroleum products
Owners of immovable property located in Singapore are subject to annual property tax on the assessed value of the property. The general property tax rate is 10% per annum. The rate is 4% per annum for owner-occupied residential properties. For property tax payable from 1 January 2011, the following progressive property tax rates apply to owner-occupied residential properties:
– 0% for the first S$ 6,000 of assessed value – 4% for the next S$ 59,000 of assessed value – 6% for the balance of assessed value in excess of S$ 65,000.
The Government of Singapore levies a water conservation tax to encourage water conservation.
-For domestic users:
a 30% tax applies on the domestic water tariff rate applicable to usage up to 40 cubic meters per month (117 cents per cubic meter), and a 45% tax applies on the domestic water tariff rate applicable to usage above 40 cubic meters per month (140 cents per cubic meter).
-For non-domestic users, a 30% tax applies on the non-domestic water tariff rate, which is 117 cents per cubic meter for all usage.
-For all shipping users, a 30% tax applies on the shipping water tariff rate, which is 192 cents per cubic meter for all usage.
Tax on Insurance Premiums
There is a tax on insurance premiums in Singapore. The rate of income tax for insurance companies, whether resident or non-resident, is the normal corporate tax rate of 17%.
The casino tax, which came into operation on 5 February 2010, is a tax levied on the casinos’ gross gaming revenue. Gross gaming revenue(GGR) generated from premium players will be taxed at 5% while GGR from all other players will be taxed at 15%.
Road tax is levied annually in Singapore on owners of motor vehicles. Road tax is based on the size (engine capacity) of the vehicle. For example, for a 1600cc petrol-driven car, the road tax (up to 30 June 2009) is S$744 for 12 months.