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32 | SINGAPORE ECONOMY


REPORT


2011 GDP per capita (purchasing power parity) Country Singapore US UK


France China India


Amount in USD $60,900 $48,442 $35,494 $34,993 $8,466 $3,652


Spain GDP per capita PPP (USD)


50,000 70,000


30,000 10,000


Singapore


Current account balance ($ billions)


Public debt as % of GDP


Inward


Investment ($ billions)


Electricity per capita (watts/p)


Water


per capita (m3/inhabitant/year)


Workforce (millions)


Unemployment % 81.97 3.618 2 TAX Rates Tax as percentage of GDP 15.4% Income Tax


First $20,000 Next $10,000 Next $10,000 Next $40,000 Next $40,000 Next $40,000 Next $40,000 Next $120,000 Above $320,000


Company Tax


Profi ts up to $SGD300,000 – 8.5% Profi ts above $SGD300,000 – 17%


0% 2%


3.5% 7%


11.5% 15% 17% 18% 20%


Income tax is capped at 20% for residents and 15% for non-residents


Notes N/A - 228.3 9.5 212.5 31.72 8.1 1,550 153.6 9 414.6 795.5 6.5 644 487.6 9.8 455.5 75.3 6.6 454.9 906 - 688 1,201 631 2,577 1,363 711.8 397 232.7 85 546.2 683 51.44 111.4 EU -


www.opp-connect.com |MAY 2013


UK


US


China India Russia -32.72 -46.04 -465.9 201.7 -46.91 85.3 67.8 43.5 50.5 100.3 8.3


Tax rate on foreign-sourced income brought into Singapore is 0-17% subject to conditions


VAT


7%


Known as Goods and Services Tax (GST)


Capital Gains Tax


N/A


/


Inheritance Tax


N/A


Abolished estate tax in 2008, for deaths occurring on or after 15 February 2008


Varies. Property Purchase Tax See: www.iras.gov.sg for information on the full breakdown. /


Annual Property Tax


10%


The rate is lower if you own and occupy your home – you are eligible for concessionary owner-occupier tax rates.


Foreigners pay a 10% surcharge


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