One major reason behind the huge percentage of expats in Singapore is the friendliest and liberal Tax system of the country. The personal income tax rate of the nation is one of the lowest in the world which gravitates the overseas professionals to migrate to Singapore, says SBS Consulting, one of the leading taxation firm in Singapore.
Singapore -- (SBWIRE) -- 10/24/2013 -- With a set of progressive tax policies and benefits, Singapore is often considered to be a ‘tax haven’ for individuals and enterprises. The country imposes one of the least rates of personal tax, Singapore corporate tax and GST, enabling its residents to retain a higher portion of their income with them. This is the key reason that fascinates the foreign professionals to relocate to Singapore. SBS Consulting, a premier taxation firm in Singapore has released a report on this.
Some of the outstanding features of Singapore personal income tax what attract them most are-
- Personal tax rates start at 0% and is capped at 20% (for income above S$320,000) for local residents and a flat rate of 15% for non-residents,
- Individuals with incomes below S$22,000 are exempted from tax incomes,
- Incomes generated overseas are not subjected to tax and
- Absence of capital gains or inheritance tax
“Singapore is the perfect position for doing business or job for those who want to earn more and importantly retain a higher percentage of their income. The country’s tax system is implemented in a way to ensure high rewards against labor and efforts,” says Ms. Meena, Business Head of SBS Consulting.
“We have even conducted a brief survey covering 100 overseas professionals in Singapore and found that 60% of them believe that they have more disposable income than they would have they been living in their homeland,” she added.
The firm has seen an immense upsurge of foreign professionals who relocate to Singapore in order to plunge into the tax benefits of the nation.
Commenting on this, Ms. Meena expresses “We offer personal tax services, service tax, tax filing and tax planning in Singapore for a good number of overseas professionals annually. Over the years, we are offering work visa services to a large section of foreign individuals wishing to relocate to Singapore to enjoy the plenty of tax benefits as tax residents.”
Further, SBS offers comprehensive Singapore tax filing services to a large section of local and foreign individuals. The firm assists the clients to submit the completed forms to the Singapore tax department by 15 April of every year.
According to the report, apparently, Singapore is becoming one of the most sought after destinations for more reasons than one. The high quality of life, lawful environment, plentiful job opportunities and excellent infrastructure are some of the other factors that attracts foreign professionals to the vibrant soil of Singapore.
About SBS Consulting
SBS Consulting is a renowned taxation firm that offers comprehensive Singapore tax services including corporate tax services Singapore, personal tax, Singapore services tax and GST Singapore as their specialized areas of expertise.
Apart from this, the firm is also marking its presence in the fields such as company incorporation, accounting, auditing, payroll, corporate secretarial and immigration services.
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore - 059674
Tel: +65 67289142
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