Tax policy forms an integral part of fiscal policy. Sound tax policies play an important role to:
- Fund government spending in a sustainable manner 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, as well as 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 kinds of taxes are there in Singapore?
Singapore relies on a combination of:
- direct taxes (such as Corporate and Personal Income Tax, and Property Tax) and
- indirect taxes (such as Customs and Excise Duties, and the Goods and Services Tax)
to fund Government expenditure, support our social objectives, and grow our economy.
The Ministry of Finance oversees the following tax policies: