contactus@venturehaven.com.sg
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+65 8122 3888
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Had a terrible tax experience?
Use our Singapore Tax Calculator and you'll be done in no time!
Are you a tax resident in Singapore struggling to get the correct tax estimates? Wouldn't it be wonderful if there is an online calculator for you to calculate your tax rates? VentureHaven is here to address your tax concerns with our informative guide on how to effortlessly calculate your income tax.
You may be wondering, what exactly is a Singapore tax calculator? How does it work? A tax calculator is a software application or tool that helps individuals and businesses get the perfect estimates about their tax liabilities, deductions, and refunds based on their income with other similar factors.
Our tax calculator considers various aspects like rates, tax laws, and regulations specific to Singapore. Simply input your income, credits, deductions, filing status, and more, and viola! The calculator quickly applies the relevant tax rules and formulas to get you an accurate estimate of your tax liability or refund. This can save you time and unnecessary stress.
What is income tax?
Income tax refers to the tax imposed by the government on your earnings, whether derived from individual sources or business activities. Taxation authorities carefully analyze the nature or category of the tax payment, as well as the type of income you generate, during the process of tax assessment.
When do you have to pay the income tax?
Taxable income includes earnings originating from or derived within Singapore, regardless of whether you are a resident or not. However, income sourced from external channels is only subject to taxation if obtained by a resident individual through any form of partnership within Singapore's jurisdiction.
What are the different types of income tax rates in Singapore?
There are generally 3 types of income tax rates in Singapore.
Personal Tax Rates for Residents in Singapore
Personal Tax Rates for Non-Residents in Singapore (Employment Income only)
Taxes on director's fee, consultation fees and all other income for non-residents is at a flat rate of 24%.
Corporate Income Tax Rates in Singapore
Corporate income tax in Singapore is taxed at a flat rate of 17% of its chargeable income. This is applicable to both local and foreign companies. Your company's chargeable income is declared in its Corporate Income Tax Returns via the Estimated Chargeable Income (ECI) and Form C-S.
Depending on your company, you may be subjected to certain tax exemptions. These tax exemptions should not be reflected in your Corporate Income Tax Returns. IRAS will compute and allow it automatically on their end during taxation.
Tax Exemption Schemes
Tax Exemption Scheme for New Start-Up Companies
Introduced in Year of Assessment (YA) 2005, this scheme was introduced to support entrepreneurship and to grow local enterprises. For new companies that has just started their business in Singapore, they can enjoy:
- 75% exemption on the first S$100,000 of chargeable income
- 50% exemption on the next S$100,000 of chargeable income
for their 3 consecutive YAs.
To qualify for this tax exemption scheme, your new start-up company must
- Be incorporated in Singapore
- Be a tax resident of Singapore for that YA
- Have its total share capital held directly by no more than 20 shareholders throughout that YA, where all the shareholders are individuals or at least 1 shareholder is an individual holding at least 10% of the issued ordinary shares of the company
- Have a principal activity that is NOT investment holding
- NOT undertake property development for sale, investment, or both
Complete the relevant sections of the ECI filing and Form C-S to claim the tax exemption.
How can I calculate my income tax?
With all these tables, differing rates and the various deductibles, it might be a hassle trying to calculate your income tax. That is why we have prepared a Singapore tax calculator so that you do not have the do the heavy lifting. Simply click the button below to download our Singapore tax calculator. A notification may pop up requesting for macros enabling. Click yes and you can start inputting your incomes, reliefs and it will let you know how much is your tax.
Although the tax calculator can give you an accurate estimate of your taxes, it does not tell you what reliefs or exemptions you might have missed out. Our team at VentureHaven can provide the relevant accounting services to help you, prioritising your convenience and saving you valuable time. Simply click on the button below to get started.
Had a terrible tax experience? Use our Singapore Tax Calculator and you'll be done in no time!
Are you a tax resident in Singapore struggling to get the correct tax estimates? Wouldn't it be wonderful if there is an online calculator for you to calculate your tax rates? VentureHaven is here to address your tax concerns with our informative guide on how to effortlessly calculate your income tax.
You may be wondering, what exactly is a Singapore tax calculator? How does it work? A tax calculator is a software application or tool that helps individuals and businesses get the perfect estimates about their tax liabilities, deductions, and refunds based on their income with other similar factors.
Our tax calculator considers various aspects like rates, tax laws, and regulations specific to Singapore. Simply input your income, credits, deductions, filing status, and more, and viola! The calculator quickly applies the relevant tax rules and formulas to get you an accurate estimate of your tax liability or refund. This can save you time and unnecessary stress.
What is income tax?
Income tax refers to the tax imposed by the government on your earnings, whether derived from individual sources or business activities. Taxation authorities carefully analyze the nature or category of the tax payment, as well as the type of income you generate, during the process of tax assessment.
When do you have to pay the income tax?
Taxable income includes earnings originating from or derived within Singapore, regardless of whether you are a resident or not. However, income sourced from external channels is only subject to taxation if obtained by a resident individual through any form of partnership within Singapore's jurisdiction.
What are the different types of income tax rates in Singapore?
There are generally 3 types of income tax rates in Singapore.
Personal Tax Rates for Residents in Singapore
Personal Tax Rates for Non-Residents in Singapore (Employment Income only)
Taxes on director's fee, consultation fees and all other income for non-residents is at a flat rate of 24%.
Corporate Income Tax Rates in Singapore
Corporate income tax in Singapore is taxed at a flat rate of 17% of its chargeable income. This is applicable to both local and foreign companies. Your company's chargeable income is declared in its Corporate Income Tax Returns via the Estimated Chargeable Income (ECI) and Form C-S.
Depending on your company, you may be subjected to certain tax exemptions. These tax exemptions should not be reflected in your Corporate Income Tax Returns. IRAS will compute and allow it automatically on their end during taxation.
Tax Exemption Schemes
How can I calculate my income tax?
With all these tables, differing rates and the various deductibles, it might be a hassle trying to calculate your income tax. That is why we have prepared a Singapore tax calculator so that you do not have the do the heavy lifting. Simply click the button below to download our Singapore tax calculator. A notification may pop up requesting for macros enabling. Click yes and you can start inputting your incomes, reliefs and it will let you know how much is your tax.
Although the tax calculator can give you an accurate estimate of your taxes, it does not tell you what reliefs or exemptions you might have missed out. Our team at VentureHaven can provide the relevant accounting services to help you, prioritising your convenience and saving you valuable time. Simply click on the button below to get started.
VENTUREHAVEN – SINGAPORE
Address: 531A Upper Cross Street #04-95, Hong Lim Complex
Singapore 051531
Phone: +65 6444 3130
WhatsApp: +65 8122 3888
Email: contactus@venturehaven.com.sg
Operations Hours: Monday – Friday / 9:00am – 7:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (JB)
Address: H-03-03, H-04-03, Komersial Southkey Mozek, Persiaran Southkey 1, Kota Southkey, 80150 Johor Bahru, Johor
Phone: +60 7-336 4545
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday / 9:00am – 6:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (KL)
Address: D-11-05, Menara Suezcap 1, KL Gateway, Gerbang Kerinchi Lestari, No 2, Jalan Kerinchi, 59200 Kuala Lumpur
Phone: +60 3-2732 7628
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday / 9:00am – 6:00pm, except Public Holidays
VENTUREHAVEN – SINGAPORE
Address: 531A Upper Cross Street #04-95, Hong Lim Complex
Singapore 051531
Phone: +65 6444 3130
WhatsApp: +65 8122 3888
Email: contactus@venturehaven.com.sg
Operations Hours: Monday – Friday /9:00am – 7:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (JB)
Address: H-03-03, H-04-03, Komersial Southkey Mozek, Persiaran Southkey 1, Kota Southkey, 80150 Johor Bahru, Johor
Phone: +60 7-336 4545
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday /9:00am – 6:00pm, except Public Holidays
VENTUREHAVEN – MALAYSIA (KL)
Address: D-11-05, Menara Suezcap 1, KL Gateway, Gerbang Kerinchi Lestari, No 2, Jalan Kerinchi, 59200 Kuala Lumpur
Phone: +60 3-2732 7628
WhatsApp: +60 11-1617 8668
Email: contactus@venturehaven.com.my
Operations Hours: Monday – Friday /9:00am – 6:00pm, except Public Holidays
ACRA REGISTERED FILING AGENT FA20133266
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