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You are here: Home / Learning Centre / Singapore Corporate & Personal Taxation / Singapore Taxation Snapshot

Singapore Taxation Snapshot

Corporate Tax Rate in Singapore

Singapore has a flat corporate income tax rate of 17%. However, for newly incorporated companies, the start-up tax exemption (SUTE) scheme makes the effective corporate tax rate below 6% for annual profits of up to S$200,000.

EXEMPTION FOR NEW STARTUPS – FOR FIRST 3 YEARS OF ASSESSMENT (YA 2018) 
Chargeable Income ($) Effective tax rate
100,000 0%
200,000 2.55%
300,000 3.40%
400,000 5.10%
500,000 7.20%
1,000,000 12.10%
2,000,000 14.55%
3,000,000 15.37%
5,000,000 16.02%
10,000,000 16.51%
PARTIAL TAX EXEMPTION FOR ALL OTHER COMPANIES (YA 2018) 
Chargeable Income ($) Effective tax rate
100,000 4.85%
200,000 4.97%
300,000 5.02%
400,000 6.77%
500,000 8.82%
1,000,000 12.91%
2,000,000 14.95%
3,000,000 15.64%
5,000,000 16.18%
10,000,000 16.59%

*YA 2020 figures are subjected to 25% Corporate Income Tax Rebate capped at $ 15,000

To qualify for full tax exemption, the following conditions must be met by companies:

  • Registered in Singapore
  • Tax resident in Singapore for the YA
  • Has no more than 20 shareholders during the YA where
  • All shareholders are individuals holding shares in their own names OR
  • At least 1 shareholder is an individual holding at least 10% of the company’s ordinary shares

Investment holding companies and companies engaged in property development activities can enjoy the partial tax exemption and Corporate Income Tax (CIT) Rebate at 25% capped at $15,000 for each YA.

Related Reading: Visual Guide on Filing Tax Returns

Singapore GST

The GST (Goods and Services Tax) is a consumption tax that is charged on

  • the supply of goods and services in Singapore (paid to Comptroller of GST)
  • importation of goods into Singapore (collected by Singapore Customs).

Singapore GST The GST rate in Singapore is 9%. All businesses with a taxable revenue exceeding S$1 million per year must compulsorily register for GST.

Businesses that do not meet this sum may still register for GST. It is advantageous for companies to register for GST when they have having considerable amount of input GST paid on their purchases and expenses, as they will be able to claim these input GST while submitting GST returns.

Related Reading: GST Registration and Filing Services

Singapore Personal Income Tax Rate

All income earned in Singapore is subject to tax. However, the country has one of the most attractive personal income tax rates in the world.

The rates vary for resident individuals and non-resident individuals.

Tax residents are:

  • Singaporeans residing in Singapore
  • Singapore Permanent Residents who have established a home in the country
  • Foreigners staying in Singapore for 183 days or more in the year before the YA.

The tax rates for residents are as follows:

INDIVIDUAL TAX RATES FOR YEAR 2024 (YEAR OF ASSESSMENT 2023)
Chargeable Income Income Tax Rate (%) Gross Tax Payable ($)
On the first
On the next
20,000
10,000
0
2
0
200
On the first
On the next
30,000
10,000
–
3.5
200
350
On the first
On the next
40,000
40,000
–
7
550
2,800
On the first
On the next
80,000
40,000
–
11.5
3,350
4,600
On the first
On the next
120,000
40,000
–
15
7,950
6,000
On the first
On the next
160,000
40,000
–
18
13,950
7,200
On the first
On the next
200,000
40,000
–
19
21,150
7,600
On the first
On the next
240,000
40,000
–
19.5
28,750
7,800
On the first
On the next
280,000
40,000
–
20
36,550
8,000
On the first
In excess of
320,000
320,000
–
22
44,550

In addition, tax residents enjoy tax savings through tax reliefs, donations to IPCs (Institutions of Public Character), and certain expenses relating to employment and business spending.

An individual is considered a non-resident for tax purposes if he is a foreigner who stayed or worked in Singapore for less than 183 days in the tax year. As a non-resident:

  • 0 – 60 days – Employment income is tax-exempt if the individual is here on short-term employment for 60 days or less in a year. This exemption does not apply to a director of a company, a public entertainer, or exercising a profession in Singapore.
  • 61 – 182 days – The individual is taxed on all income earned in Singapore (no personal reliefs apply). Income is taxed at 15% or the progressive resident rate, whichever gives rise to a higher tax amount.
  • Director fees, consultant fees, and all other incomes are taxed at 22%.

You take care of business. We’ll take care of your taxation needs.

File your tax returns with Singapore Company Incorporation, one of the leading tax agents in Singapore. Our professional taxation specialists will work closely with you to reduce your tax liabilities and maximise tax savings.

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