Overview of Singapore corporate income tax
Singapore corporate income taxation guide, a detailed overview of corporate income tax requirements in Singapore. The corporate income tax rates in Singapore are among the lowest in the world.
Singapore has a maximum corporate income tax rate of 17%. However, the effective corporate tax rate is much lower.
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Singapore Corporate Income Tax Rates Chart
* Maximum headline corporate tax rate is 17% | ** For the first three (3) Years of Assessment | Qualifying conditions apply
To qualify for full tax exemption, the following conditions must be met by companies:
- Registered in Singapore
- Tax resident in Singapore for the year of assessment
- Has no more than 20 shareholders during the year of assessment 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 that are incorporated after 25 February 2013 enjoy only the partial tax exemption and Corporate Income Tax (CIT) Rebate at 30% capped at $30,000 for each YA.
Singapore Goods and Services Tax
The GST (Goods and Services Tax) is a consumption tax that is similar to VAT.
GST is charged at a rate of 7% on:
- All supply of goods and services in Singapore(unless exempted or zero rated) (paid to Comptroller of GST)
- importation of goods into Singapore (collected by Singapore Customs).
All businesses with a taxable revenue exceeding S$1 million per year must compulsorily register for GST.