Taxable and Non-Taxable Income

Taxable and Non-Taxable Income

All income earned in or derived from Singapore is chargeable to income tax.

Generally, overseas income received in Singapore on or after 1 Jan 2004 is not taxable, except in some circumstances.

Income earned may come from different sources such as:

• Employment
• Trade, Business, Profession or Vocation
• Property or Investments
• Other Sources (e.g. annuities, royalties, winnings or estate or trust income)

Income from Employment

• Salary, Bonus, Director’s Fee, Commission and Others
• Gains from the Exercise of Stock Options
• Income Received from Overseas
• Pension
• Retrenchment and Retirement Benefits

Income from Trade, Business, Profession or Vocation

• Income Received as a Self-Employed Person or Sole-Proprietor (commission agents, freelancers, taxi drivers, hawkers, etc.)
• Income Received through a Partnership
• Income Received from Overseas
• Income Received in the Form of Virtual Currencies

Income Received in the Form of Government Grants:

• PIC Bonus(PDF, 0.99MB)
• Special Employment Credit
• Wage Credit Payout
• Jobs Support Scheme

Only Wage Credit Payout will be auto-included in the tax return for self-employed taxpayers.

Income from Property or Investments

• Dividends
• Gains from Sale of Property, Shares & Financial Instruments
• Interest
• Rent from Property

Other Sources of Income

• Annuity (recurring annual payments)
• Charge (alimony, maintenance payments…)
• Estate / Trust Income
• National Service Housing, Medical and Education Award
• Royalty
• Winnings (Toto, 4D…)
• Withdrawal from Supplementary Retirement Scheme (SRS)