The Inland Revenue Authority (IRAS) announced on 12 June 2015 that tax rates for non-resident individuals will be increased from the year of assessment 2017 to maintain parity between the tax rates of non-resident individuals and the top marginal tax rate of resident individuals.
The following income will be subject to a tax rate of 22% from 1 January 2016:
– The director’s remuneration received by non-resident directors;
– Net income derived by non-residents;
– Net property rental income;
– Supplementary Retirement Scheme (SRS) withdrawals received by non-resident SRS holders; and
– Interest and royalty income if the reduced final withholding tax is not applicable.
