Discovering Singapore 2022

Payment Methods Payments can be made by cash, credit cards, mobile/online payment systems.

Cash Cash dispensing Automatic Teller Machines (ATMs) are readily available in Singapore. Some of the local banks share a common ATM network. However, MAS limits the number of ATMs owned by foreign banks. Check with your bank as to what additional fees they apply to withdrawals in Singapore, as Singapore ATMs are deregulated and may impose a surcharge over what is charged by your bank or card issuer. Credit and Debit Cards Credit cards are one of the most common and popular ways for consumers to make payments. You can pay with plastic almost everything — even for your taxi. Mastercard and Visa are commonly used, you’ll also find spots accepting American Express. eNETS eNETS is a Singapore-based consortium that offers electronic payment services to merchants, institutions and consumers. Services include online credit card payment and debit card payment via internet banking for shoppers. eNETS is rarely used for ecommerce transactions for which it is not optimized, and it does not offer a mobile option. 2.2.2 GIRO The Interbank GIRO (IBG) system was launched in April 1984. It is an offline interbank payment system catering for mainly low value bulk payments. IBG allows a customer of a participating bank to transfer funds, through direct debits or credits, to or from the accounts of customers of any other participating bank. The IBG can be broadly separated into two classes according to the type of transfers: Direct Debit Transfers and Direct Credit Transfers. Taxes and Superannuation A person is subject to tax on employment income for services performed in Singapore, regardless of whether the remuneration is paid in or outside Singapore. Resident individuals who derive income from sources outside Singapore are not subject to tax on such income. This exemption does not apply if the foreign-source income is received through a partnership in Singapore. Foreign-source dividend income, foreign branch profits and foreign-source service income received by any individual resident in Singapore through partnerships may be exempted from Singapore tax if certain prescribed conditions are met. Individuals who carry on a trade, business, profession or vocation in Singapore are taxed on their profits. Whether an individual is carrying on a trade is determined based on the circumstances of each case. Foreign-source income received in Singapore by a non- resident is specifically exempt from tax. An individual may pay the tax due for the assessment year in one lump sum within one month after the issuance of a tax assessment. Alternatively, the tax may be paid in instalments, up to a maximum of 12 per year.

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Discovering Singapore 2022