Income tax is a tax on income.

Under the Singapore tax laws, income tax is chargeable on the income of any person which is statutorily extended to include individuals, a company and a body of persons. A company means any company incorporated or registered under any law in force in Singapore or elsewhere, while a body of persons means any body politic, corporate or collegiate, any corporation sole and any fraternity, fellowship or society of persons.

Income tax is your contribution to government spending. Other sources of tax revenue include Property Tax, Goods and Services Tax, Stamp Duties, Estate Duties, Private Lotteries and Duties on Betting.

What Income Is Taxable?

• profits from a business, profession or vocation

• earnings from full or part-time work

• dividends from shares in a company

• interest

• pension, charge or annuity

• rent, royalties and other profits arising from property

• gains or profits of an income nature which includes gains or profits derived on or after 15.5.96 from the disposal of :

-  real property (other than properties held as trading stocks) within 3 years from the date of purchase
-  shares in Private "Real Property" companies