Complying with taxation laws is vital for business success. IRAS strictly enforces these regulations. Submitting accurate tax returns is crucial for saving company expenses.
By obtaining a comprehensive tax plan, you can make informed decisions today that will position your business for long-term tax efficiency and savings.
Benefits for our Corporate Tax Service
Our comprehensive Corporate Tax Service includes:
Preparation and Filing of Estimated Chargeable Income (ECI), Form C and Corporate Income Tax Return.
Preparation of Supporting Documents for the computation of taxable profits.
Provide a meticulous and detailed tax computation to ensure accuracy and compliance.
Attending to tax inquiries raised by the tax authorities.
Start Up Tax Exemptions
In line with enhanced measures to bolster company capabilities, revisions to the tax exemption scheme were announced during Budget 2018. These revisions will take effect from the Year of Assessment (YA) 2020.
The tax exemptions for qualifying companies for their first 3 consecutive YAs are as follows:
YA 202 onwards
- 75% exemption on the first $100,000 of normal chargeable income*; and
- A further 50% exemption on the next $100,000 of normal chargeable income*.
YA 2019 and before
- Full exemption on the first $100,000 of normal chargeable income*; and
- A further 50% exemption on the next $200,000 of normal chargeable income*.
*Normal chargeable income refers to income to be taxed at the prevailing Corporate Income Tax rate of 17%.
Qualifications Conditions for Tax Exemption Scheme
The Qualification Conditions for the Tax Exemption Scheme outline the requirements that a company must meet in order to be eligible for tax exemptions. These conditions includes:
All new start-up companies are eligible for the tax exemption scheme, EXECPT:
- Companies whose principal activity are that of investment holding
- Companies that undertake property development for sale, investment, or both
The new start-up company must also:
- Be incorporated in Singapore
- Be a tax resident of Singapore for that YA
Have its total share capital beneficially held directly by no more than 20 shareholders throughout the basis period for that YA where:
- All the shareholders are individuals; or
- At least 1 shareholder is an individual holding at least 10% of the issued ordinary shares of the company
Unsure of your qualifications? Be tax-smart. Take up our Singapore corporate tax services today!