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Entity Tax
Companies that conduct business in Singapore, whether they are residents or not, are subject to tax on both their foreign and Singapore-sourced revenue when they are repatriated or presumed remitted to Singapore.
Tax Rate
A flat rate of 17% tax is applied to company income.
Exemption
For eligible start-up businesses, there is a three-year start-up tax exemption as well as a partial tax exemption.
Income subject to partial tax exemption (taxable at regular rate):
Chargeable income (SGD) | Exempt from tax | Exempt income (SGD) |
First 10,000 | 75% | 7,500 |
Next 190,000 | 50% | 95,000 |
Total | 102,500 |
(Table obtain from IRAS)
Start-up tax exemption (income taxable at normal rate):
Chargeable income (SGD) | Exempt from tax | Exempt income (SGD) |
First 100,000 | 75% | 75,000 |
Next 100,000 | 50% | 50,000 |
Total | 125,000 |
(Table obtain from IRAS)
Companies engaged in real estate development and investment holding are not eligible for the start-up exemption. All dividends paid by Singapore-resident corporations are tax-exempt in the hands of shareholders under Singapore's one-tier taxation system.
Singapore’s corporate tax filing regulations must be met by your business. There are two different tax returns that your business must submit to the regional tax office. Your business may qualify for a filing exemption or even a streamlined return in certain circumstances. In Singapore, there are two types of returns for tax filing, Estimated Chargeable Income (ECI) and Form C / C-S / C-S Lite.
1.Estimated Chargeable Income
ECI is an estimate of your company’s taxable profits for a certain year of assessment (after subtracting tax-deductible expenses) (YA).
Deadlines
Your company must file ECI within 3 months from the end of your financial year
Exemption
Your business does not need to file an ECI if it fits into one of the following categories:
— Foreign ship owners or charterers whose local shipping agent has submitted/ will submit the Shipping Return
— Foreign universities
— Designated unit trusts and approved CPF unit trusts#
— Real estate investment trusts that have been granted the tax treatment under Section 43(2) of the Income Tax Act 1947
— Cases specifically granted the waiver to furnish ECI by IRAS
2.Form C / C-S / C-S Lite
Your business must file a Corporate Income Tax Return using Form C-S, Form C-S (Lite), or Form C to disclose its real income. Here is a list of the several kinds of corporate income tax returns.
Description | Form C-S | Form C-S Lite | Form C |
Qualifying Companies | Singapore-incorporated companies with annual revenue of $5 million or below | Singapore-incorporated companies with annual revenue of $200,000 or below | All companies |
Submission of Supporting Documents | Not required to submit financial statements and tax computations | Required to submit financial statements and tax computations | |
| Other Qualifying Conditions | 1.The company only derives income taxable at the prevailing Corporate Income Tax rate of 17% 2.The company is not claiming any of the following Year of Assessment (YA) : — Carry back of Current Year Capital Allowances / Losses — Group Relief — Investment Allowance — Foreign Tax Credit and Tax Deducted at Source | ||
(Table obtain from IRAS)
Deadlines
You must file the form by 30 November every year to avoid enforcement actions.
Neme：Alice Li
Email：alice.li@corpnergy.com
corpnergy2017@outlook.com
Singapore Contact：+65 81892283
Domestic Contact：18822867201
