The deadline for filing of personal income tax in Singapore, including for sole-proprietors and partners, has been highlighted by IRAS (Inland Revenue Authority of Singapore ) as April 18, 2023
Generally, you will be required to submit your Income Tax Return if in the preceding calendar year:
- your total income is more than $22,000; or
- you have self-employment income with a net profit more than $6,000; or
- you are a non-resident who derived income from Singapore.
In an effort to reduce administrative burdens on taxpayers, the agency has expanded its pre-filling efforts for tax returns this season. The expansion of pre-filling efforts for tax returns follows the Auto-Inclusion Scheme (AIS) extension for Employment Income to more than 100,000 eligible employers. They can directly or electronically (via myTax Portal) submit their employees’ income information to IRAS.
The penalty for AIS non-compliance is SGD5,000, and employers with five or more employees in 2022 and those previously subject to AIS are required to report under this scheme. Employers with fewer than five employees can voluntarily report starting next year. Taxpayers on the non-filing service (NFS) don’t need to file an personal income tax return but must verify the accuracy of their pre-filled income information.
Around 150,000 NFS taxpayers will receive direct billing under the Direct Notice of Assessment (D-NOA) initiative. THIS computes their tax bills based on income information provided by their employer and their previous year’s relief claims. They can make changes to their income and/or tax relief details by filing an amendment using the Object to Assessment digital service in myTax Portal within 30 days of their tax bill date.
Below is Singapore personal income tax rates from Year Assessment (YA 2024 onwards):
Resident Tax Rates from YA 2024 onwards
Below is Singapore personal income tax rates from Year Assessment (YA) 2017 to 2023:
Resident Tax Rates from YA 2017-2023
If you need assistance on your personal tax, contact us.