Overview of Personal Income Tax in Singapore

Because the employee’s work is basis on seasonal, the payroll tax during the month must be submitted by the 20th day of the following month.

Both countries currently have a similar GDP annual growth rate. (Australia GDP annual growth rate – 2.5%, Singapore GDP annual growth rate – 1.8%)

Interest income received by a cash basis taxpayer is generally reported in the tax year it is received.

* Non-residencee’s marginal income tax rate is basically higher than residents’, both of them are taxed progressively.

Singapore is the nation of islands which is situated on the South of Malay Peninsula. Its area is only 704,0 square kilometers, and it is the smallest country in Southeast Asia. Its anthem is Majulah Singapura

Singapore starts at the beginning of the system with the way teachers are educated and selected to become teachers and administrators in the school environment. They believe if the teachers are better educated and more prepared to begin working with students they are at a more advantageous position than here in the United States. Before a teacher in Singapore begin working directly and solely with students they have “mentor teachers guide beginning and novices in the teaching profession also collaborate with other teachers and visit different classes for as long as 20 hours a week” (Morgan, p. 294). The country will gradually prepare the teachers

It is also easy for many other companies to set up headquarter in Singapore as their starting point in Asia to make it possible to reach to its market point. In addition, Singapore is unique in different lifestyles and culture. It is also known for its capability of attracting sizable foreign investment, pro-business environment and entrepreneurs. Singapore focuses more on a knowledge based economy which can be seen in its education sysem. Furthermore, Singapore is located in the heart of Asia and it plays an important role in international

My research will be based on Political, Economic, and Social Organization of Singapore—an industrialist city-state.  Even though Singapore 's history dates from the 11th century, the island was little known to the West until the 19th century. Singapore is one of the World 's largest ports, because the city of Singapore has become a major port, with trade exceeding that of Malaya 's, Malacca and Penang combined. The opening of the Suez Canal in 1869 and the advent of steamships launched an era of prosperity for Singapore as transit trade expanded throughout Southeast Asia (Bureau of East Asian and Pacific Affairs, 2010). Singapore is a very

Singapore has a highly developed market which has historically revolved around extensive exports trade, in other words an export driven economy hugely dependant on export of goods to other countries.

With foreign manufacturing industry entering Singapore market the manufacturing sector and its share in GDP grew from 16.6% in 1965 to nearly 30 % in 1980 and in 1993 manufacturing contributed to about 28 % of the total GDP and accounted for nearly 28% of employment. Singapore’s GDP raise to 13 times between 1960 and 1999. The nation has shown greatly decrease of figure of poverty. (United Nations 2000)

Singapore is a city-state, similar to the Vatican City in size and title, that is situated in Southeastern Asia. Singapore and Malaysia are a mixing pot of many different cultures that have immigrated other Asian cultures and found a new home in the sovereign country. It is fact a country as of 1819 and like many other countries has its own flag, national anthem, government laws, and cultural norms. It is best to break down the country and look at the many religions and cultures that create Singapore and look at it all as a colorful and diverse jigsaw puzzle. This is just to get a better understanding of the culture and its people.

Consumption tax of 2 – 3 percent (varies according to provincial) applied on CIF. Also, there is a value added tax (VAT) of 17 percent for most items; necessities. Small Businesses (annual production sales of less than RMB 1 million or annual wholesale or retail sales of less than RMB 1.8 million) are subject to VAT at the rate of 6 percent. VAT is applied on CIF + duty (Export.gov).

Singapore is an island that lies just off the southern tip of the Malay Peninsula between the South China Sea and the Indian Ocean. Its strategic location on major sea lanes has provided the country with an economic importance in Southeast Asia. Singapore is often considered as a base for global enterprises looking to expand into Asia and Asian enterprises looking for global connectivity. Located at the heart of Asia, Singapore is sitting at the centre of business opportunities. Having the four key attributes - Trust, Knowledge, Connected and Life, Singapore is being positioned as an ideal city to Work, Live and Play. Singapore was ranked first in Mercer’s Quality of Living Survey 2009.

The Singapore economy had proved its resilience during the worst post-war recession and experience exceptionally high economic growth during the 42 years since its independence. For the period 1966-1973, the economy expanded consistently at a double-digit growth rate in real terms (Kum Poh, 1982, p.1). Gross Domestic Product (GDP) at constant prices continues to rise at an annual rate of 8 percent till 2005. With population growth at 2.1 percent, per capita GDP increased by 5.8 percent on average each year (Gesquiere, 2007, p. 12).

The Singapore economy has performed well over the past 10 years with an average annual GDP growth of 6.3%. GDP per capita has also doubled from US$27,403 in 2004 to US$55,183 (S$69,091) last year which ranked us in the 9th spot