Resident & non-resident tax rates and key dates
Tax residents are taxed at progressive tax rates.
Non-residents are taxed at the flat rate of 15% or the resident rates whichever results in a higher tax amount on your employment income. Director's fees and other income are taxed at the prevailing rate of 22%. Non-residents are not entitled to tax reliefs.
Income is assessed on a preceding year basis, ending 31 December and you must file Your Income Tax Return by 15 Apr of the following year. You may receive the income tax bills by September.
Key dates for filing of personal tax:
Preparation of IR8A by the employer no later than 1st March each year
Filing Form B, B1 by the employee by 15 April. If you do e-File, you have to complete it by 18 April
Filing Form P by a partnership by 15 April. If you do e-File, you have up to complete it by 18 April
Employers are required by law [S68(2) of the Income Tax Act] to prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for employees who are employed in Singapore by 1 Mar each year.
Employers do not need to submit the hardcopy forms to IRAS.
Source: IRAS website
This form is used to declare remuneration of ALL employees
This form must be completed if employee is provided with benefits-in-kind
This form must be completed if the employee has derived gains or profits from Employee Stock Option (ESOP) Plans or other forms of Employee Share Ownership (ESOW) Plans
This form must be completed if the employer has made excess CPF contributions on the employees' wages and/or has claimed or will claim refund on excess CPF contributions
The employee can verify the details of his/her auto-included information and preview your Notice of Assessment at myTax Portal using his/her Singpass or IRAS Unique Account (IUA) from 1 Mar to 18 Apr of the year. The employee must submit the personal paper-based tax return by 15 April each year. If he/she does e-File, he/she must submit it by 18 Apr each year.
Source: IRAS website
How we can help you
Registration for new taxpayers
Preparation and filing of income tax return
Preparation of Form IR8A/IR21 for employees
Tax planning as well as advice
Other personal income tax-related matters
Get in touch with us today for more information!