Singapore at a glance – January 2024

These emails are designed for those investing into Singapore and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

January 2024

  1. Singapore corporate tax is capped at 17%.
  2. From January 2024, Singapore taxes certain capital gains (the ‘section 10L’ regime).
  3. Much of the country is built on sand on reclaimed land.
  4. Chewing gum has been banned in Singapore since 1992.
  5. GST (similar to VAT) in Singapore is now 9% (up from 8% from January 2024).
  6. Singapore was founded as a British trading colony in 1819 by Sir Stamford Raffles.
  7. The largest tropical orchid garden in the world can be found in the Singapore Botanic Gardens.
  8. Singapore law requires that every company has at least one director who is resident in Singapore.
  9. Singapore’s tax system is largely ‘territorial’ – whereby most foreign income is not taxed in Singapore.
  10. The Singaporean national anthem is sung only in Malay.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice.