Property tax
Property tax is imposed at 10% on the annual value of commercial and industrial (non-residential) properties.
Other Indirect Taxes
Other indirect taxes are not significant except for excise duties mainly on tobacco and liquor, betting duties and various duties related to vehicle ownership.
In February 2023, the tobacco excise duty was increased by 15% across all tobacco products. Excise duty is levied on goods manufactured in or imported into Singapore.
The excise duties of alcoholic products can be categorised into two,
- for products with duty rates based on per litre of alcohol and
- ii. for products with duty rates based on dutiable content (weight/volume).
Click here to download the Doing Business in Singapore 2023 guide
Stamp Duty
Stamp duty is a tax on executed documents relating to properties, interest in properties and shares or interest in shares. No stamp duty is payable if the agreement is verbal and no document is executed (signed) for that agreement.
Corporate Taxation
A corporation is generally liable for Singapore income tax on all income accruing in, or derived from Singapore, as well as foreign sourced income remitted or deemed remitted into the country.
How GST for companies works?
GST is a tax on domestic consumption. It is a form of value-added tax, which applies to goods and services supplied in Singapore by businesses in Singapore, and to goods and services imported into Singapore.
Our experts
Elaine Chow Partner, Tax
