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Singapore

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About

Singapore

Capital
Official languages
Population 
Currency

ISO 4217

Singapore

English, Malay, Mandarin, Tamil

5.6 million

Singapore Dollar

SGD

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Economy

Singapore is one of the most prosperous countries in the world, with a strong and vibrant economy. According to the World Bank, Singapore has a Gross Domestic Product (GDP) of $387.3 billion in 2019, making it the 36th largest economy in the world. Singapore also has a GDP per capita of $59,521, which is the highest in the world. The country has a low unemployment rate of 2.2%, and its inflation rate is 1.3%. Singapore also has a strong trade balance, with exports totaling $521.3 billion and imports totaling $459.2 billion in 2019. Singapore is also a major financial hub, with a total banking assets of $1.3 trillion in 2019. The country is also a major tourist destination, with over 18 million visitors in 2019. All these factors contribute to Singapore's strong and vibrant economy.

Taxation

Singapore is a small island nation located in Southeast Asia. Here is a brief overview of the taxation system in Singapore:


Corporate Taxation in Singapore:

- Corporate tax rate is a flat 17%

- Capital gains are generally not taxed in Singapore

- Dividends paid by Singapore companies are tax-exempt in most cases, but there are some exceptions


Personal Taxation in Singapore:

- Personal income tax rates range from 0% to 22%, depending on income level

- Capital gains are generally not taxed in Singapore


Tax Payment and Calendar:

- The tax year in Singapore runs from January 1 to December 31.

- Tax returns must be filed by April 15 of the year following the tax year.

- Corporate income tax payments are due on the 15th day of the 4th, 6th, 9th and 12th months of the financial year.

- Individual income tax payments are made on a monthly basis, with the final payment due in April of the year following the tax year.


Taxpayers in Singapore are required to keep detailed records of their income and expenses, and may be subject to audits by the tax authorities. Failure to comply with tax laws can result in penalties and fines.


Singapore has also signed several tax treaties with other countries, which can impact the taxation of individuals and corporations with ties to those countries. It is always recommended to consult with a tax professional for personalized advice on tax matters in Singapore.

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