With effect from YA 2010, companies setup in Singapore are subjected to a tax rate of 17% on its chargeable income.  Income is taxable when it is accrued in or derived from Singapore or received in Singapore from outside Singapore.

  • Gains or profits from any trade or business
  • Income from an investment such as interest and rental property income
  • Royalties, premiums and any other profits from property
  • Other gains that are considered revenue

Tax Return Filing

To complete corporate tax returns, a company must file their ECI and Form C or Form C-S to IRAS

Estimated Chargeable Income (ECI)

ECI is a company’s taxable income after deducting tax-allowable expenses and is due within 3 months of the company’s financial year-end

Form C or Form C-S

Form C or Form C-S is where a company declares its actual income for the tax year. A Form C filing requires companies to attach tax computations, financial statements, detailed profit & loss statement, and other supporting documents. Form C need to be file by November 30 for paper filing or December 15 for electronic filing

Corporate Tax Rates for New Start-up Companies

  • Any newly incorporated company in Singapore that meets the qualifying conditions will get to enjoy the tax exemption for new start-up.
  • Be tax resident in Singapore
  • Possesses not more than 20 shareholders with at least one of the shareholders being an individual shareholder holding at least 10% of ordinary shares.
  • Company principal activity is not an investment holding, property development for sale, for investment, or for both investment and sale

Before YA 2019 for First 3 YAs

After YA 2020 for First 3 YAs

Partial Tax Exception for Companies
Before YA 2019

After YA 2020

One-off Corporate Income Tax (CIT) Rebate