Income tax rates in Singapore is dependent on an individual's tax residency status i.e. resident and non-resident. Income tax in Singapore is assessed on preceding-year. 

 Resident 

 Income tax rates for resident taxpayers are progressive 

 Taxed on the income earned in Singapore No capital gains taxed i.e. gains from the sale of a property, shares and financial instruments in Singapore. Unless an individual buys and sells property with a profit-seeking motive, subject to a few criteria, may be taxable. 

 Payouts from insurance policies are also not taxable as they are capital receipts. Gains from Sale of Shares and Financial Instruments are not taxable 

 Various reliefs are available as deductions for individuals, i.e. donations, rental expenses as so forth 

Non-resident 

 Income tax rates for non-resident differs between taxes on employment and taxes on director’s fee, consultation fee, and so forth. These rates are subject to changes. 

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