Tax policy forms an integral part of fiscal policy. Sound tax policies play an important role in ensuring that Singapore's public finances are sustainable in the longer term to:
- support social objectives,
- promote economic development, and
- fulfil our role as a responsible international tax jurisdiction.
What does Singapore's tax policy set out to do?
- Fund government spending in a sustainable manner through a resilient and diversified tax structure
- Promote quality growth and support the Government's economic objectives such as encouraging productivity and innovation, as well as internationalisation
- Ensure a fair and equitable tax system that supports the Government's social objectives, such as through a progressive system of taxes and transfers and encouraging individual and enterprise efforts by keeping the tax burden at a reasonable level
- Build a trusted and reputable tax regime
What kinds of taxes are there in Singapore?
Singapore relies on a combination of:
- direct taxes (such as Corporate and Personal Income Tax, and Property Tax) and
- indirect taxes (such as Customs and Excise Duties, and the Goods and Services Tax)
to fund Government expenditure, support our social objectives, and grow our economy.
The Ministry of Finance oversees the following tax policies: