Why is tax policy important to Singapore?
Tax policy forms an integral part of fiscal policy. Sound tax policies play an important role to:
Fund government spending sustainably through a resilient and diversified tax structure
Promote quality growth and support the Government's economic objectives such as encouraging research, innovation and enterprise, productivity, and internationalisation
Ensure a fair and equitable tax system that supports the Government's social objectives, such as keeping the tax burden low, fostering inclusive growth through a progressive system of taxes and transfers, and encouraging individual and enterprise efforts
Maintain a trusted and internationally reputable tax regime.
What key tax policies does MOF oversee?
Personal Income Tax
Singapore’s Personal Income Tax system is designed to be competitive and progressive, while supporting social objectives.
Corporate Income Tax
Singapore’s Corporate Income Tax system is globally competitive and supports business growth.
Goods & Services Tax
GST is a broad-based tax on domestic consumption.
Property Tax
Property Tax is Singapore’s primary means of taxing wealth.
Stamp Duty
Stamp duty is a tax on documents relating to immovable properties, stocks or share transactions.
International Tax
Singapore’s international tax policies aim to create the conditions for economic growth, while aligning with international standards.