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Income Tax : Did I read correctly?

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stephaniess
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Income Tax : Did I read correctly?

Post by stephaniess » Wed, 17 Aug 2011 1:22 am

Considering a move to SG from Ontario, Canada. From what I understand, income taxes is anywhere from 15 to 20 per cent. Is this correct? In Ontario, for instance, income tax includes both provincial and federal levels. Is the TOTAL income tax taken at source merely 15 to 20 in SG? Thank you kindly

beppi
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Post by beppi » Wed, 17 Aug 2011 6:32 am

The personal income tax rate in Singapore is 0 - 20%, depending on how much you earn. (Read www.iras.gov.sg for more information!)
There is no tax deducted at source - you pay after declaring your income at the end of the year.

sgbenben
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Post by sgbenben » Wed, 17 Aug 2011 5:45 pm

I think you worked here more than 183 days, so you can estimate your income tax according to following format.
Your chargeable income is the amount remaining after deducting from your assessable income the personal reliefs to which you are entitled. If you are a resident in Singapore, the rates of tax chargeable are as follows:
Chargeable Income Rate Gross Tax Payable
$ (%) $
On the first 20,000 0 0
On the next 10,000 3.5 350
On the first 30,000 350
On the next 10,000 5.5 550
On the first 40,000 900
On the next 40,000 8.5 3,400
On the first 80,000 4,300
On the next 80,000 14 11,200
On the first 160,000 15,500
On the next 160,000 17 27,200
On the first 320,000 42,700
Above 320,000 20

dburrows
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Post by dburrows » Wed, 17 Aug 2011 7:32 pm

Image

Bloody spammer! :devil:

beppi
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Post by beppi » Wed, 17 Aug 2011 8:18 pm

The above poster (dburrows) is WRONG!
If you stay/work in Singapore less than 60 days, you don't need to pay any income tax.
If you stay/work between 60 and 183 days in a calendar year, you pay a flat 15% non-resident tax.
If you stay over 183 days, you pay at the abovementioned graduated rates.

A special case is if you stay less than 183 days in one calendar year, but continue in the next to reach above 183 consecutive days: In this case you pay 15% in the first year, but in the following year will get back the difference to what you would have paid in resident rates.

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 18 Aug 2011 9:18 am

beppi,

Just an adjunct to your reply re: straddling two years.

If you have an valid current employment pass that is issued for a period of at least 12 months, and you are straddling two years, IRAS will automatically use the resident rates for the partial first year and not subject you to the flat 15% non-resident rates, even if less than 183 days. Found that out several years ago with some of my employees.

sms
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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ecureilx
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Post by ecureilx » Thu, 18 Aug 2011 9:41 am

sundaymorningstaple wrote:beppi,

Just an adjunct to your reply re: straddling two years.

If you have an valid current employment pass that is issued for a period of at least 12 months, and you are straddling two years, IRAS will automatically use the resident rates for the partial first year and not subject you to the flat 15% non-resident rates, even if less than 183 days. Found that out several years ago with some of my employees.

sms
SMS, sometimes they mess it up, but the good news is, they pay you back in the next year assessment, as they did for me :D I was charged a 15%, though it was below the number of day, and next year, the IRAS assesment says "Tax adjusted" ..

BTW, IRAS has a tax calculator .. so why break your brain over how much for whatever ??

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 18 Aug 2011 11:09 am

It only started 3 or 4 years ago. If you have been here 10 years, it would have been that they messed up. It's the way it was done back then...... :wink:
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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ecureilx
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Post by ecureilx » Thu, 18 Aug 2011 11:27 am

sundaymorningstaple wrote:It only started 3 or 4 years ago. If you have been here 10 years, it would have been that they messed up. It's the way it was done back then...... :wink:
still I wouldn't complain, as they don't forget when you overpaid.. and always pay you back .. unlike other countries i know .. ;)

where, once paid, you need to do a whole heap of paperwork to offset or seek refund :D :D

Efficiency in Singapore, TOPS :D

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 18 Aug 2011 12:06 pm

If they were so bloody efficient, they would use PAYE like they do for CPF so people didn't get a tax bill for the whole lot in September! :-|
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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ecureilx
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Post by ecureilx » Thu, 18 Aug 2011 12:36 pm

sundaymorningstaple wrote:If they were so bloody efficient, they would use PAYE like they do for CPF so people didn't get a tax bill for the whole lot in September! :-|
GIRO ??





Coat, hat, umbrella .... taxiiiiiiiiiiiiiiiiiiiiiiiii

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Post by scarbowl » Sat, 20 Aug 2011 4:22 pm

An important consideration, though, is that Singapore taxes on pretty much everything paid to you or on your behalf. Pension payments are taxable, car allowances are taxable, healthy insurance payments by your employer are taxable to you, etc etc. So the 15% is effectively much higher on your take-home pay.

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JR8
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Post by JR8 » Sun, 21 Aug 2011 3:33 am

Nah.

Most western countries chew up 50% of GDP on paying politicians their self-appointed salaries.

It is interesting that SG pays it's politicians more than any other, and yet doesn't provide this blanket 'everything' welfare.

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