From the year of assessment 2006, any interest income derived by any individual from the deposit of monies with an approved bank or a licensed finance company would be tax exempt. Any interest by any individual from debt securities derived on or after 1 January 2004 is also exempt from tax.
With effect from 1 January 2008, all dividends paid by Singapore-resident companies would be dividends under the one-tier corporate taxation system and are exempt from tax in the hands of the shareholders.