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Corporate Tax Exemption / Tax benefits for new companies in Singapore / tax incentives for new companies / tax incentives for old companies in Singapore: With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
1) Tax Exemption Scheme for New Start-Up Companies: |
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| Under the scheme, qualifying new companies are given the following tax exemption for the first three consecutive YAs (Year of Assessment) where the YA falls in | |
| Year of Assessment (YA) | Exemption on normal chargeable income |
| YA 2020 onwards | 75% exemption on the first $100,000 |
| YA 2010 to 2019 | Full exemption on the first $100,000 |
| A further 50% exemption on the next $200,000 | |
2) Partial Tax Exemption for all companies: |
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| All companies including companies limited by guarantee can enjoy the following tax exemption: | |
| Year of Assessment (YA) | Exemption on normal chargeable income |
| YA 2020 onwards | 75% exemption on the first $10,000 |
| A further 50% exemption on the next $190,000 | |
| YA 2010 to 2019 | 75% tax exemption on the first $10,000 |
| A further 50% exemption on the next $290,000 | |