22. Inheritance and Gift
Taxes
There is no gift tax. Estate duty is levied on the value of the
decedent real and personal property situated in Singapore at the following rates:
Principal Value of Estate Duty Rate
First S$12,000,000 5%
Above 12,000,000 10
If a person is domiciled in Singapore at his or her date of death, estate tax is also levied on movable property wherever situated.
Residential properties (up to S$9 million) owned at death are exempt from estate tax, as is S$600,000 for all other property. The amount of the decedent interest in the Central Provident Fund (and in any designated pension or provident fund) is generally exempt from estate tax to the extent that it is more than S$600,000. A special exemption from estate tax is granted to individuals who were neither resident nor domiciled in Singapore at the time of their death with respect to Asian Currency Unit bonds, gold deposits, and certificates held in Singapore, and certain other investments.
23. Taxes on Payrolls (Social Security)
Payroll Tax. The payroll tax was suspended effective April 1, 1985.Skills Development Levy. This is a levy on employers only. The current rate is 1% of the salary of employees earning not more than S$1,000 per month.
Central Provident Fund (CPF). The CPF is essentially a savings scheme to provide for employees in their old age. The required contributions, as a percentage of each employee earnings, are:
Ordinary Wages (1) Additional Wages (2) (Periodic
Bonus, Commission, etc.)
Employers 20% 20%
Employees 20% 20%
notes:
(1) CPF contributions (employer and employee) are due on
monthly wages of up to S$6,000 per month.
(2) CPF contributions (employer and employee) may be restricted if total wages (ordinary plus additional wages) exceed S$100,000 a year.
Under certain conditions, employers and their expatriate employees can contract out of CPF.
Effective August 1, 1995, all new foreign workers and those existing foreign workers who renew their employment passes after August 1, 1995, are exempt from making CPF contributions. Their employers also will not have to make CPF contributions.
Foreign Worker Levy. An employer of foreign workers is required to pay a monthly levy for each foreign worker. The applicable levies are:
Category of Foreign Workers Rates per Month
Domestic maids S$330
Construction industry
Skilled worker S$200
Unskilled worker S$440
Shipbuilding and ship-repair industry
Skilled worker S$200
Unskilled worker S$385
Service sector
S$200 or S$330
Manufacturing
S$330 or S$400
24. Taxes on Natural R
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