{"id":4438,"date":"2020-12-11T15:00:03","date_gmt":"2020-12-11T07:00:03","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?p=4438"},"modified":"2020-12-14T16:33:14","modified_gmt":"2020-12-14T08:33:14","slug":"singapore-corporate-tax-guide","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/singapore-corporate-tax-guide\/","title":{"rendered":"Singapore Corporate Tax Guide"},"content":{"rendered":"

Just like many other countries, Singapore uses its own corporate tax system<\/a>, and all companies in the country have Singapore company tax number. Singapore uses the one-tier corporate tax system so that stakeholders won\u2019t pay tax twice.<\/p>\n

The rate of corporate income tax<\/a> has remained at a flat rate of 17%<\/strong> since 2010. Tax is calculated based on the taxable income of the company. In Singapore, tax is not imposed on capital gains.<\/p>\n

\"timcole-save-money\"Leave your corporate tax to the professionals.<\/strong><\/p>\n

Timcole<\/strong><\/a> offers bookkeeping<\/a>,\u00a0corporate tax filing<\/a>, GST filing<\/a> and compilation of financial statement<\/a> services.<\/p>\n

Not sure what you need? Contact us for a free consultation<\/a>.<\/p>\n

 <\/p>\n

Effective Corporate Tax Rate for New Companies (FY 2020)<\/h2>\n

1. Start-up Tax Exemption Scheme (SUTE) for Singapore Companies<\/h3>\n

Here are the eligibility conditions for the tax exemption scheme:<\/p>\n

    \n
  1. The number of shareholders must not exceed 20<\/li>\n
  2. One of the shareholders must possess a minimum of 10% of the issued shares<\/li>\n
  3. No property and investment holding qualifies<\/li>\n<\/ol>\n

    Although SUTE now extends to include companies by guarantee right from the year 2010, the tax exemption scheme for new start-up companies<\/a> does not extend to investment holding companies and companies that engage in property development activities except such a company got incorporated before February 2013.<\/p>\n

    2. Partial tax exemptions<\/h3>\n

    All companies that are not eligible for the SUTE scheme have the privilege to enjoy partial tax exemptions.<\/p>\n

    3. Corporate income tax (CIT) rebate<\/h3>\n

    Corporate income tax rebate provides a way that helps businesses cope with endless restructuring and economic uncertainty. All companies that have Singapore company tax number qualify for the corporate income tax rebate. The CIT rebate for YA2020 is capped at $15,000, with a rebate percentage at 25% of the corporate tax payable.<\/p>\n

    The CIT rebate percentage during the last two years are as follows:<\/p>\n