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Singapore - Overview and introduction

Singapore - Overview and introduction

Taxation of international executives

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Singapore income tax is imposed on a territorial basis whereby the individual is generally taxed on all income accruing in or derived from Singapore. Foreign-sourced income received in Singapore by resident individuals is exempt from tax unless the income is received through a partnership in Singapore.

The tax assessment year is the calendar year and the tax charged for each year of assessment is based on the income accrued/derived in the calendar year preceding the year of assessment.

The official currency of Singapore is the Singapore Dollar (SGD).

Herein, the host country/jurisdiction refers to the country/jurisdiction to which the employee is assigned. The home country/jurisdiction refers to the country/jurisdiction where the assigned lives when they are not on assignment.

Disclaimer

All information contained in this publication is summarized by KPMG Services Pte. Ltd., a Singapore incorporated company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity, based on relevant provisions of the Singapore income tax legislations, regulations issued thereunder and judicial and administrative interpretations thereof, and the web sites of the Inland Revenue Authority of Singapore, Central Provident Fund Board, Ministry of Manpower, Monetary Authority of Singapore and Personal Data Protection Commission.

© 2021 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

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