Taxation system in Singapore: Type of Taxes

Singapore is a country with steady growth and attractive destination for a comfortable living. There are only few types of taxes in Singapore. They are:

Income Tax
Individuals and companies are liable to pay income Tax on the income.

Property Tax
Base of charging Property Tax in Singapore is on the expected rental values of the properties. Owners of the property are liable to pay property Tax

Estate Duty
Since February 15, 2008 Estate Duty has been abolished in Singapore

Tax on Motor Vehicles
Taxes on Motor Vehicles are imposed on Motor vehicles to control vehicle ownership and road congestion. This tax is other than import duty.

Excise Duties and Customs
Singapore is a free port and there are few excise and import duties. Mainly excise duty is imposed on liquor, petroleum products and tobacco. Few other products also attract excise duty.
Goods and Services Tax (GST)
GST is a tax on consumption. When money is spent on services or goods including import, this tax is paid. This tax is like Value Added Tax in many other countries.

Betting taxes
There is Taxes on betting on Private Lottery, betting & sweet-stake.

Stamp Duty
To complete transactions of Commercial and legal documents relating to stock, shares and immovable property, stamp duty is imposed.

Other Taxes in Singapore
Foreign Worker levy -To regulate the employment of foreign worker in Singapore, foreign worker levy is imposed.
Airport Passenger Service Charges - This tax is imposed in airports.