Corporate/Company Tax

Corporate-Tax

Singapore company tax rates stand at a flat rate of 17%. Apart from the low tax rates, there are many other benefits of incorporating a company in Singapore. No tax on capital gains and income earned in foreign countries, are a few. You can contact SingaporeAudit.com.sg for all your corporate tax or company tax filing requirements.

The Singapore regime’s concerted efforts to promote business in the country have paid rich dividends with the arrival of major business houses and investments. One of the reasons why foreign and local entrepreneurs prosper in Singapore is its tax system. The Singapore taxation is one of the most liberal and flexible in the world. Furthermore, the corporate income tax Singapore ensures the business entities in the nation pay far less taxes with attractive incentives and rewards. Also, the territorial based one-tier company tax Singapore is of great help specifically to the newly incorporated Singapore companies.

Company Tax Rates and Exemptions in Singapore 2013

Type of Income

Corporate Income Tax Rate

Tax on capital gains

0%

Foreign income

0%

Tax on dividends to shareholders

0%

Taxable income up to S$100,000 for first 3 years (newly setup companies)

0%

Taxable income up to S$300,000 after first 3 years of company incorporation

8.5%

Taxable income of S$300,001 to S$2,000,000

17%

  • The flat headline corporate income tax rate of Singapore is 17%.
  • Complete tax exemption applicable for newly setup companies on profits up to S$100,000 for the first 3 years.
  • In addition, the newly setup companies are eligible for partial tax exemption of 50% on their next S$200,000 taxable income for the initial 3 years.
  • All the Singapore companies with a taxable income of up to S$300,000 are eligible for partial tax exemption. For first S$10,000, the tax exemption is 75% and for the next S$290,000, the tax exemption is 50%.
  • Complete tax waiver on capital gains like sale of fixed assets and so on.
  • The income earned on a foreign soil is tax-free in Singapore.

The Singapore Productivity and Innovation Credit (PIC) Scheme

The productivity and innovation credit scheme of Singapore has been introduced with aim of promoting innovative business ideas in the country. The companies which come under this scheme are entitled to avail attractive incentives such as; up to 400% tax deductions and 60% cash payouts on the qualifying expenditure of the company. The PIC scheme is particularly helpful for small and medium enterprises which may not be having abundant cash reserves.

One-Tier Company Tax Singapore

As per the one-tier company tax system of Singapore, no tax is imposed on the dividends paid by the companies to their shareholders. Moreover, the tax paid by a company on its taxable income is its final tax.

Corporate Income Tax (CIT) Rebate of Singapore YA 2013

As per the CIT rebate YA 2013, all Singapore companies can avail a 30% rebate on income of up to S$30,000. This particular scheme enables the companies in Singapore to cope up with the rising costs of business.

SME Cash Grant of Singapore YA 2013

An SME cash grant of 5% on the total revenue of a company subject to a cap of S$5,000 is provided to small and medium companies in Singapore who are not taxed.

Singapore Corporate Tax Filing Due Date

The due date for filing the company tax in Singapore is November 30 (via paper form) and extended till December 15 (via online form submission or e-filing).The company tax form used for filing returns is form C-S.

Singapore Audit offers comprehensive Singapore tax services which include corporate tax planning in Singapore, filing of tax returns and so on. You can also calculate income tax rates through our user-friendly tax calculator Singapore.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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