Statutory, assessable and chargeable income are 3 different definitions. Taxpayers need to know the difference between the 3 of them. Tax payable is only calculated on chargeable income.


Statutory Income refers to all income (net of deductible expenses) less capital allowances.

Statutory income = All income (net deductible expenses) – capital allowances


Assessable Income refers to Statutory Income less losses from trade, business, profession or vocation less approved donations.

Assessable Income = Statutory Income – Losses from trade, business, profession or vocation – approved donations


Chargeable Income refers to Assessable Income less personal reliefs (applicable to Singapore tax residents only)

Chargeable Income = Assessable Income – Personal Reliefs



Tax payable = Chargeable Income x Tax rate


If you have any tax-related queries, you can contact the Raffles Corporate Services tax consultants at [email protected].


Yours sincerely,

The editorial team at Raffles Corporate Services