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Financial Center of Asia
Thanks to the government's policy of positioning the country as open to trade, attracting foreign direct investment, and welcoming overseas companies, Singapore has become one of the financial centers of Asia, where many multinational corporations have established their headquarters. As the fourth largest financial center in the world, Singapore boasts the largest foreign exchange center in the Asia-Pacific region and the third largest foreign exchange center after New York and London. With so many international accolades, it's no wonder this country is referred to as the financial center of Southeast Asia.
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Gateway to the World of Business
Situated at the heart of Southeast Asia, Singapore's port plays a crucial role. In fact, many Chinese and Australian manufacturers and trading companies have offices in Singapore, making it an outstanding commodity trading center in the region.
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Primary Center for Offshore Wealth Management
Singapore, as an offshore wealth management center, attracts investors. A survey by the "Asian Private Banker" in 2018 revealed that 58% of individuals chose Singapore, followed by Hong Kong and Switzerland. This city is known for its stability, openness to international investment, and economic strength, making it the preferred destination for investors and foreign companies to invest in Singapore.
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Tax System
The tax system of Singapore attracts foreign nationals and investors. Currently, Singapore does not have capital gains tax, estate tax, or inheritance tax. Investors can purchase paperless shares on the Singapore Stock Exchange without having to pay stamp duty. All Singaporean companies are subject to a uniform tax rate of 17%. Singaporean companies are eligible for various tax incentives and subsidies
Tax Info
Enter Dynamic Page- General CIT Rate
- 17
- CIT Return Due Date
- November 30
- CIT Payment Due Date
- Tax assessment notice shall be delivered within one month.
- CIT Estimated Payment Due Date
- The estimated income tax assessment must be submitted within three months after the end of the company's fiscal year. The estimated tax should be paid within one month after receiving the assessment notice, or paid in installments according to the installment payment plan.
- Resident Withholding Tax (Dividend/Interest/Royalty)
- NA
- Non-Resident Withholding Tax (Dividend/Interest/Royalty)
- 0/15/10
- General VAT Rate
- 9
- Composite Effective Average Tax Rate
- 16.09%
- Composite Effective Marginal Tax Rate
- 13.15%
Administrative Regions
- 01 - Central Singapore Community Development Council
- 02 - North East Community Development Council
- 03 - North West Community Development Council
- 04 - South East Community Development Council
- 05 - South West Community Development Council
Belonging Jurisdiction
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ASEAN - Association of Southeast Asian Nations
Association of Southeast Asian NationsLearn MoreAssociation of Southeast Asian Nations -
SG - Singapore
Republic of SingaporeLearn MoreRepublic of Singapore -
WORLD - Global
EarthLearn MoreEarth
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