Singapore Corporate Income Tax

Singapore offers one of the lowest tax rates in the world, on top of ease of conducting business, intellectual property protection and socio-political stability. International tax agreements with over 100 countries have also made the island nation an ideal location for entrepreneurs and companies looking to relocate and expand their business globally.  Since 2010, the corporate income tax rate has been capped at 17%, calculated based on a company’s total chargeable income.

Singapore’s single-tier flat-rate corporate income tax system is briefly outlined below:

  • For the first three tax filing years, the corporate tax rate is 0% on the first S$100,000 for a newly incorporated company that meets the following criteria:
    • registered in Singapore
    • Singapore tax resident
    • <20 shareholders
  •  The corporate tax rate is 8.5% on taxable income of <S$300,000
  • Taxable income >S$300,000 is charged at the rate of 17%

International Tax Agreements Concluded by Singapore

  • Avoidance of Double Taxation Agreements (“DTAs”)
  • Limited Treaties
  • Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”)
  • Exchange of Information Arrangements (“EOI Arrangements”)
  • Convention on Mutual Administrative Assistance in Tax Matters
  • International Tax Compliance Agreements
  • Foreign Account Tax Compliance Act (FATCA)
  • Common Reporting Standard (CRS)
  • Country-by-Country Reporting (CbCR)

For more information or assistance regarding Corporate Tax RatesTax Rebates, Tax Exemptions, Cash Grants, or Annual Tax Filing, contact us today.

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