An individual is a tax resident in Singapore if he/she is physically present or exercises employment in Singapore for 183 days or more during the calendar year preceding the YA. This rule is applied on a calendar year basis.
Various categories of personal investment income from qualifying unit trusts, real estate investment trusts, bonds and bank deposits are exempt from tax.
Under the law, an individual’s business income is determined in the same way and subject to the same deductions as a corporation. However, it is usually more difficult for an individual to claim certain business deductions.
Click here to download the Doing Business in Singapore 2023 guide
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