Different type of taxes in Singapore:
1. Corporate Income Tax
- Income tax chargeable on companies
2. Personal Income Tax
- Income tax chargeable on individual
3. Goods & Services Tax (GST)
- GST is a tax on consumption. The tax is paid when money is spent on goods and services, including imports.
4. Betting Taxes
- These are duties on private lottery, betting & sweepstake.
5. Casino Tax
- The casino tax is a new tax levied on the casinos' gross gaming revenue.
6. Stamp Duties
- This is imposed on commercial and legal documents relating to stock and shares and immovable property.
7. Motor Vehicle Taxes
8. Customs & Excise Duties
9. Others - Foreign Worker Levy, airport passenger service charge, water conservation tax etc.
Difference between Direct & Indirect Taxes:
The various types of taxes are broadly classified as "Direct" and "Indirect" taxes.
Direct tax refers to a tax paid directly by the person who bears the tax to the tax authority and is charged on the income of any person.
It is based on the principle that the burden of taxation is in accordance with a person's ability to pay and therefore the higher the income level of a person, the higher would be his tax burden.
Indirect tax refers to a tax borne by one person but collected via another person and an example of this is Goods & Services Tax (GST). It is a regressive tax based on the principle that the burden of tax is in accordance with the person's consumption pattern.
1. Corporate Income Tax
- Income tax chargeable on companies
2. Personal Income Tax
- Income tax chargeable on individual
3. Goods & Services Tax (GST)
- GST is a tax on consumption. The tax is paid when money is spent on goods and services, including imports.
4. Betting Taxes
- These are duties on private lottery, betting & sweepstake.
5. Casino Tax
- The casino tax is a new tax levied on the casinos' gross gaming revenue.
6. Stamp Duties
- This is imposed on commercial and legal documents relating to stock and shares and immovable property.
7. Motor Vehicle Taxes
8. Customs & Excise Duties
9. Others - Foreign Worker Levy, airport passenger service charge, water conservation tax etc.
Difference between Direct & Indirect Taxes:
The various types of taxes are broadly classified as "Direct" and "Indirect" taxes.
Direct tax refers to a tax paid directly by the person who bears the tax to the tax authority and is charged on the income of any person.
It is based on the principle that the burden of taxation is in accordance with a person's ability to pay and therefore the higher the income level of a person, the higher would be his tax burden.
Indirect tax refers to a tax borne by one person but collected via another person and an example of this is Goods & Services Tax (GST). It is a regressive tax based on the principle that the burden of tax is in accordance with the person's consumption pattern.
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