Every year, companies will be required to file their corporate taxes to the local tax authority, Inland Revenue Authority of Singapore (IRAS). Corporate tax filings must be completed in November of the following year for all companies, solvent or not. Singapore companies benefit from tax exemptions during the first 3 years of set up.
Partial tax exemption for companies
Effective from YA 2008, a partial tax exemption is given to companies on normal chargeable income* (excluding Singapore franked dividends) of up to $300,000 as follows:
|First $ 10,000||@ 75%||$7,500|
|Next $290,000||@ 50%||$145,000|
Tax exemption scheme for new start-up companies
Since YA 2005, a qualifying company can claim for full tax exemption on the first $100,000 of normal chargeable income* (excluding Singapore franked dividends) for its first three consecutive YA.
Effective from YA 2008, a further 50% exemption is given on the next $200,000 on a qualifying company’s normal chargeable income* (excluding Singapore franked dividends). The tax exemption for new start-up companies on chargeable income of up to $300,000 is as follows: ￼
|First $100,000||@ 100%||$100,000|
|Next $200,000||@ 50%||$100,000|
Furthermore, to help companies cope with rising business costs, the Minister for Finance has announced in Budget 2013 that, for the Years of Assessment (YA) 2013, 2014 and 2015, companies will receive an additional 30% Corporate Income Tax (CIT) Rebate that is subject to a cap of $30,000 per YA.
Assistance for Filing Singapore Corporate Income Tax
Do you need assistance for filing your Singapore corporate income tax?
We assist our clients in honoring Singapore corporate income tax filing due dates. Each year they need to file their tax by November 30 (paper-filing) or December 15 (e-filing).
We, on their behalf, submit Estimated Chargeable Income (ECI) form, Corporate Income Tax Returns (Form C-S or Form C), audited/unaudited accounts, & company tax computation with IRAS (Inland Revenue Authority of Singapore). The tax consultants in our employ, also offer FREE tax advice & consultation services. They take charge of the task and work to minimize client’s tax liabilities and maximize the tax incentives.