🇸🇬 Singapore vs 🇭🇰 Hong Kong Tax 2025
This page has been rebuilt completely using Acclime, Orbis Alliance, and Withers to compare personal tax, corporate incentives, GST, stamp duties, and retirement systems across both hubs.
Assessment Year 2025 (SG) / 2024-25 (HK)
Quick Snapshot
Singapore leads when you need:
- Tax-free first S$20k + reliefs and allowances [Acclime]
- Mandatory CPF savings (20% employee / 17% employer)
- Deep treaty network (90+) and startup tax exemptions [Orbis Alliance]
Hong Kong leads when you need:
- Territorial taxation with a 15% standard-rate cap [Orbis Alliance]
- No GST/VAT and minimal withholding taxes
- Simple compliance for regional trading/holding hubs [Acclime]
Personal Income Tax
🇸🇬 Singapore (YA 2025)
| Chargeable Income | Rate |
|---|---|
| S$0 – 20,000 | 0% |
| 20,001 – 30,000 | 2% |
| 30,001 – 40,000 | 3.5% |
| 40,001 – 80,000 | 7% |
| 80,001 – 120,000 | 11.5% |
| 120,001 – 160,000 | 15% |
| 160,001 – 200,000 | 18% |
| 200,001 – 320,000 | 19–22% |
| 320,001 – 500,000 | 23% |
| 500,001+ | 24% |
Foreign income is usually taxed only if remitted; capital gains are generally exempt [Withers].
🇭🇰 Hong Kong (YA 2024/25)
| Net Chargeable Income | Rate |
|---|---|
| HK$0 – 50,000 | 2% |
| 50,001 – 100,000 | 6% |
| 100,001 – 150,000 | 10% |
| 150,001 – 200,000 | 14% |
| 200,001+ | 17% |
Tax capped at 15% of total income after deductions; only Hong Kong-sourced employment income is taxable [Orbis Alliance].
Corporate & International Tax
Corporate rates
Singapore: flat 17% with startup exemptions (75% off first S$100k for three years). Hong Kong: two-tier profits tax 8.25%/16.5% with territorial scope [Orbis Alliance].
GST vs none
Singapore’s GST is now 9%; Hong Kong still has zero GST/VAT, making local consumption cheaper for residents and visitors [Acclime].
Stamp duties
Singapore’s BSD + ABSD (up to 60%) compare to Hong Kong’s Ad Valorem Duty, Special Stamp Duty (up to 20%), and Buyer’s Stamp Duty (30% for non-permanent residents) [Withers].
Withholding & capital
Singapore withholds on certain outbound payments (treaties reduce rates) but doesn’t tax most capital gains; Hong Kong has virtually no withholding and rarely taxes gains [Withers].
Retirement & Wealth
CPF (Singapore)
- 20% employee + 17% employer (salary ceiling S$6k)
- Multiple accounts for housing, retirement, medical needs
- Guaranteed 2.5–6% interest
MPF (Hong Kong)
- 5% employee + 5% employer capped at HK$3k/month
- Market-based investment returns
- Accessible at 65 or on permanent departure
Which City Fits You?
Choose Singapore if you:
- Need treaty relief and regional HQ incentives [Acclime]
- Value compulsory savings and generous reliefs
- Plan to reinvest profits into incentive-qualified sectors [Orbis Alliance]
Choose Hong Kong if you:
- Earn mostly offshore and can claim territorial exemption
- Prefer GST-free consumption and light compliance
- Need quick access to Mainland China and Greater Bay Area [Acclime]
FAQs
Is Hong Kong really “15% tax”?
Progressive rates apply, but the final liability is capped at 15% of income, so high earners rarely exceed that ceiling [Orbis Alliance].
Does Singapore tax foreign income?
Generally only when remitted; foreign-sourced dividends/branch profits can qualify for exemptions if certain conditions are met [Withers].
How do stamp duties compare?
Singapore’s Additional Buyer’s Stamp Duty can reach 60% for foreigners, while Hong Kong’s combined stamp duties can hit 30%+ depending on residency and holding period [Withers].
Run the Numbers
Calculate actual take-home pay, CPF vs MPF contributions, and effective corporate tax rates.