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Dividend Tax Calculator

Singapore uses a one-tier tax system — dividends from Singapore-resident companies are tax-exempt. Calculate withholding tax on foreign dividends.

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Singapore one-tier system: tax on corporate profits is final — dividends paid out to shareholders are exempt from Singapore income tax. Foreign-sourced dividends (e.g. US stocks) are also generally exempt if remitted from a foreign country that has corporate tax. Withholding tax paid abroad is not directly creditable in Singapore (no foreign tax credit for individuals). REITs may have different rules.

Singapore Tax on Dividends

Singapore income tax on dividends
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How dividends are taxed in Singapore

Singapore operates a one-tier corporate tax system: when a Singapore-resident company pays income tax on its profits at the corporate rate (17%), that tax is final. Dividends distributed to shareholders are tax-exempt — you do not pay income tax on dividends from Singapore companies regardless of your tax bracket. This applies to dividends from SGX-listed companies, private limited companies, and REITs (with some caveats).

Foreign-sourced dividends (e.g. from US, UK, or Australian stocks) received by Singapore tax residents are generally also exempt from Singapore income tax under the foreign-sourced income exemption (FSIE), provided the income was subject to tax in the source country. However, foreign withholding tax paid (e.g. 15% US withholding on dividends from US stocks) cannot be directly credited against Singapore income tax.

For most Singapore investors, the practical tax burden on dividends is limited to the withholding tax deducted at source by the foreign country — and Singapore does not impose an additional layer on top.

FAQ

Are Singapore REIT distributions taxable?
REITs distribute income from properties. For individual investors, distributions from Singapore REITs are generally tax-exempt under the one-tier system if the REIT has paid tax on its income. However, certain non-tax-transparent REIT income and foreign-sourced income distributions may be taxable. Check the REIT's distribution notices for the tax status of each distribution.
What is the withholding tax on US stocks?
The US withholds 30% on dividends paid to non-residents, reduced to 15% for Singapore residents under the US-Singapore tax treaty. To claim the reduced rate, ensure your broker has submitted a W-8BEN form on your behalf. The 15% withheld is a final tax — no further Singapore tax is payable, and it cannot be credited against Singapore income tax.
Do I need to declare dividends on my tax return?
Singapore-sourced dividends from one-tier companies are exempt and generally do not need to be declared. However, if you receive foreign-sourced income (including foreign dividends) remitted to Singapore, you should declare it. IRAS may ask for documentation to confirm the income was taxed in the source country.
What about dividends in a CDP or brokerage account?
Dividends paid into your CDP or brokerage account from Singapore-listed companies are one-tier exempt and no Singapore tax is deducted at source. You simply receive the full dividend. Foreign company dividends may have withholding tax deducted before reaching your account.