STEP 1: Check Residency Status
If you have stayed or worked in Singapore for at least 183 days in a calendar year OR have continuously worked in Singapore for 3 consecutive years OR have worked in Singapore for 2 consecutive years AND total period of stay in Singapore is at least 183 days, you will be considered a tax resident in Singapore.
STEP 2: Check Personal Annual Income
If your annual income exceeds S$22,000, you will have to file a personal income tax return by 15 April (paper) or 18 April (e-filing). Failure to do so may result in penalties. After submitting the relevant tax forms, you will receive your Notice of Assessment (NOA) sometime in May to September. The NOA will indicate the amount of tax you have to pay, and would need to pay within 30 days of receiving the NOA.
STEP 3: Proceed to Make Tax Payments
Payment can be made via the following methods:
(i) GIRO (General Interbank Recurring Order),
(ii) Internet Banking,
(iii) PayNow QR or
(iv) AXS e-Station (internet) / AXS m-station (mobile).
(i) GIRO (General Interbank Recurring Order),
(ii) Internet Banking,
(iii) PayNow QR or
(iv) AXS e-Station (internet) / AXS m-station (mobile).
What are the tax rates?
Income Tax Rate for Foreign Non-Resident Company Directors |
Income Tax Rate for Resident Company Directors |
Flat tax rate of 22%. |
Taxed on progressive rate based on chargeable income. |
Only the income you earn in Singapore will be taxable
The taxable income of a non-resident director is the sum of all cash and non-cash monetary payments made by the company, which includes:
If you earn income outside Singapore, your income is taxable only if you receive it through partnerships in Singapore, OR as part of fulfilling your job in Singapore, you need to travel overseas.
- Salary
- Bonus
- Director’s Fees
- Accommodation
- Gains from Stock Options or any other Shared Ownership Plan
If you earn income outside Singapore, your income is taxable only if you receive it through partnerships in Singapore, OR as part of fulfilling your job in Singapore, you need to travel overseas.
HOW INTER GROUP CAN HELP YOU?
To ensure that your company and its non-resident directors are compliant with the deductions and payments of appropriate taxes, contact us today to find out more about our taxation services and how we can be of assistance.
To ensure that your company and its non-resident directors are compliant with the deductions and payments of appropriate taxes, contact us today to find out more about our taxation services and how we can be of assistance.
