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'Tax Resident'

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Yeboah
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'Tax Resident'

Postby Yeboah » Tue, 12 Apr 2011 6:33 pm

ey up,

A quick question if I may;

Am i correct in thinking that the only stipulation to being a 'tax resident' is that i reside in Singapore >183 days a year? This being said, I am therefore liable to pay income taxes on the following basis:

http://www.iras.gov.sg/irasHome/page.aspx?id=9896

I have had a good long search of the various sites available on this and am pretty sure it is the case but my personal situation is that i would be coming to work in Singapore on a 'work secondment' and thus would still be an official employee of my firm's parent legal entity (in UK), although my total income would be paid in SGD and I plan on living in Singapore year-long.

Are there any other concerns or criteria I need to take into account or is it a simple case of over/under 183 days?

Thanks in advance.

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Postby sundaymorningstaple » Tue, 12 Apr 2011 6:59 pm

you are correct.

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Re: 'Tax Resident'

Postby manutdfan » Tue, 12 Apr 2011 7:02 pm

Yeboah wrote:ey up,

A quick question if I may;

Am i correct in thinking that the only stipulation to being a 'tax resident' is that i reside in Singapore >183 days a year? This being said, I am therefore liable to pay income taxes on the following basis:

http://www.iras.gov.sg/irasHome/page.aspx?id=9896

I have had a good long search of the various sites available on this and am pretty sure it is the case but my personal situation is that i would be coming to work in Singapore on a 'work secondment' and thus would still be an official employee of my firm's parent legal entity (in UK), although my total income would be paid in SGD and I plan on living in Singapore year-long.

Are there any other concerns or criteria I need to take into account or is it a simple case of over/under 183 days?

Thanks in advance.


What SMS said.

Make sure you file the relevant leaving the UK form with HMRC as well.

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Yeboah
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Postby Yeboah » Tue, 12 Apr 2011 7:52 pm

Thank you very much for the prompt replies. I still can't believe the tax rate is what it is. :shock: Keep telling myself there must be some catch! 8-)

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Postby JR8 » Tue, 12 Apr 2011 8:00 pm

Yes when you look at the rates in SG, then you see how shocking the tax rates from big-state governments in the EU are.

50-65% income tax, 20% GST,+ CGT and IHT - anybody want to volunteer?

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Postby Yeboah » Tue, 12 Apr 2011 8:33 pm

JR8 wrote:Yes when you look at the rates in SG, then you see how shocking the tax rates from big-state governments in the EU are.

50-65% income tax, 20% GST,+ CGT and IHT - anybody want to volunteer?


I'm in the UK at present paying the above and it isnt fun! I have a job offer i am negotiating to work in Singapore and couldnt believe my eyes when i saw the rates. so essentially a 70k GBP salary (approx 140k SGD) will accrue only about 8% tax?!? and you have to earn > about 150k GBP to hit the 'top' rate of 20%... wow!

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Postby JR8 » Tue, 12 Apr 2011 8:51 pm

Policies like not having to house half of Afghanistan and Somalia in Kensington villas on perma-benefits saves a lot of money!

Make hay while the sun shines!

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Yeboah
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Postby Yeboah » Tue, 12 Apr 2011 9:26 pm

JR8 wrote:Policies like not having to house half of Afghanistan and Somalia in Kensington villas on perma-benefits saves a lot of money!

Make hay while the sun shines!


ha. Many a true word spoken in jest.

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Postby sundaymorningstaple » Tue, 12 Apr 2011 10:15 pm

Twasn't spoken in jest, I can assure you. :?

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Postby JR8 » Tue, 12 Apr 2011 10:24 pm

Bullseye 8-)

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Postby manutdfan » Wed, 13 Apr 2011 10:51 am

Yeboah wrote:Thank you very much for the prompt replies. I still can't believe the tax rate is what it is. :shock: Keep telling myself there must be some catch! 8-)


There is.

You will need to buy your own health insurance. Other than that.....

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Yeboah
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Postby Yeboah » Wed, 13 Apr 2011 4:01 pm

manutdfan wrote:
Yeboah wrote:Thank you very much for the prompt replies. I still can't believe the tax rate is what it is. :shock: Keep telling myself there must be some catch! 8-)


There is.

You will need to buy your own health insurance. Other than that.....


work covers it! result! :-)

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Postby Strong Eagle » Wed, 13 Apr 2011 6:30 pm

Yeboah wrote:Thank you very much for the prompt replies. I still can't believe the tax rate is what it is. :shock: Keep telling myself there must be some catch! 8-)


140 percent tax on buying a new automobile. Another $40,000 to put it on the road for ten years, then pay another $1700 per year to register it.

High property taxes on rental property, 10 percent per year of 'annual value' which is rent collected x 12. So, rent a place at $5000 per month and pay $6000 in taxes. If owner occupied it is 4 percent.

7 percent GST. Overall higher costs on everything, driven by high property prices, small business that must replenish inventory often.

But yes, comparatively speaking taxes are low in SG but cost of living higher.

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Postby Yeboah » Wed, 13 Apr 2011 8:24 pm

Strong Eagle wrote:
Yeboah wrote:Thank you very much for the prompt replies. I still can't believe the tax rate is what it is. :shock: Keep telling myself there must be some catch! 8-)


140 percent tax on buying a new automobile. Another $40,000 to put it on the road for ten years, then pay another $1700 per year to register it.

High property taxes on rental property, 10 percent per year of 'annual value' which is rent collected x 12. So, rent a place at $5000 per month and pay $6000 in taxes. If owner occupied it is 4 percent.
7 percent GST. Overall higher costs on everything, driven by high property prices, small business that must replenish inventory often.

But yes, comparatively speaking taxes are low in SG but cost of living higher.


cheers. no worries about the car, im selling my car and motorbike back in the UK and going cold turkey over in Sing so its public transport all the way

regarding the bold part of your messgae. I assume you are referring to buy-to-ket properties? - properties purchased in order to let out and gain a rentalincome? I'm going to be renting rather than owning. I'm not going to get specifically taxed for that am I?

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Postby JR8 » Wed, 13 Apr 2011 8:26 pm

Yeah SE is talking about B2L, you don't get taxed for renting a place.


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