Tax Policy
To increase the resilience of taxes as a source of government revenue, the Goods and Services Tax (GST) was introduced in 1994. Singapore follows a progressive resident tax rate. Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation barring a few exceptions. The purpose of taxes is to raise needed revenue, not to favor or punish specific industries, activities, and products. Minimizing tax preferences broadens the tax base so that the government can raise sufficient revenue with lower rates. Individuals and business owners looking to enjoy further tax incentives from the Singaporean government will need to apply for a Certificate of Residency in Singapore.
There are 8 types of Taxes in Singapore
