1 February 2018
Income tax in Australia Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations. State governments have not imposed income taxes since World War II. On individuals, income tax is levied at progressive rates, and at one of two rates for corporations. The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the partners or beneficiaries. Income tax is the most important source of revenue for governme...
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Income Tax in Malaysia Personal income tax: Everyone working in Malaysia is required to pay income tax, and all types of incomes are taxable, including gains from business activities and dividends. However, the duration of your stay in Malaysia and the type of work that you do will decipher which tax category you fall in. If you are working in the country for more than 60 days but less than 182 days in one year, you will be considered a “non-resident” and subjected to a flat taxation rate of 28%...
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Income Tax in Hong Kong Taxes in Hong Kong are levied on the “territorial principle”. In other words, taxes are only levied on income “derived from or arising in” Hong Kong and not on income sourced outside Hong Kong. In simple terms, this means that a person who carries on a business in Hong Kong but derives profits from another place is not required to pay tax in Hong Kong on those profits. No tax is levied on profits arising abroad, even if they are remitted to Hong Kong. Hong Kong follows a...
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Income Tax in Singapore Personal Income Tax: Personal income tax rates in Singapore are one of the lowest in the world. In order to determine the Singapore income tax liability of an individual, you need to first determine the tax residency and amount of chargeable income and then apply the progressive resident tax rate to it. Key points of Singapore income tax for individuals include: Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no...
Read more →1 February 2018
Income Tax in Singapore Personal Income Tax: Personal income tax rates in Singapore are one of the lowest in the world. In order to determine the Singapore income tax liability of an individual, you need to first determine the tax residency and amount of chargeable income and then apply the progressive resident tax rate to it. Key points of Singapore income tax for individuals include: Singapore follows a progressive resident tax rate starting at 0% and ending at 22% above S$320,000. There is no...
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