Singapore Corporate Tax
From YA 2020 onwards
Tax Exemption for new start-up Singapore companies:
(where any of the first 3 YAs falls in or after YA 2020)
||Tax exemption (%)
Note: this exemption does not to the following new companies:
- A company whose principal activity is that of investment holding; and
- A company which undertakes property development for sale, for investment, or for both investment and sale.
Partial Tax exemption for Singapore Incorporated Companies:
||Tax exemption (%)
There are 2 forms that you are required to file after every financial year:
- Estimated Chargeable Income (ECI)*
- Corporate Income Tax Form (Form C-S/C)
*You will not be required to submit your ECI if your company’s ECI is nil and annual revenue is less than S$1 million.
You will be required to file your ECI within 3 months of your company’s financial year. For Form C-S/C, you either file it manually or do an E-filing.
Assuming your company’s financial year falls on 31 December every year, these are the datelines:
|Forms to be filed
|Form C-S/C (manual filing)
|Form C-S/C (E-filing)
Before completing you form C-S/C, you should prepare your yearly tax computation.
Together with form C, you will be required to submit your audited/unaudited accounts, tax computation, and supporting schedules.
Together with form C-S, you will not be required to submit any additional documents. However, you are still required to prepare your tax computation, financial accounts and supporting schedules and submit to IRAS upon request.
Should you have any problems in preparing the relevant forms and documents, please contact us and our tax compliance specialist will be happy to assist you.
At Easy2Incorporate, we provide annual tax return services which includes but not limited to the following accounting functions:
- Preparation of Form C-S/C
- Preparation of director’s report
- Preparation of tax forms for corporate submission
- Corporate tax computation
- Payment and refunds of Corporate Tax
We focus on providing tax services to small business owners and their foreign directors who are Singapore Employment Pass holders. Get expert help with your tax filing compliance to avoid unnecessary penalties and fines from IRAS. Please contact us for more details.
Personal Tax Services
All Singapore tax residences are required to file and pay tax regardless of citizenship. If you are a foreigner working in Singapore and is a tax resident, you will also be required to file and pay tax. Singapore income tax is based on a progressive tax rate, starting for 0% to the maximum of 22%.
You will not need to file your income tax if:
- Your annual income from the last calendar year is less than S$22,000 and/or
- You have been selected for the No-Filing Service (NFS)
Note: you will still need to file your income tax after being notified for the NSF if you have additional incomes.
To check the income tax rates, please refer to IRAS.
You will be considered a tax resident (excluding directors of a company, public entertainers or professionals) if you:
- Stay or worked in Singapore
- For at least 183 days in a calendar year; or
- Continuously for three consecutive years; or
- Worked in Singapore for a period straddling two calendar years and your total period of stay (including your physical presence immediately before and after your employment) is at least 183 days
If you are issued with a work pass that is valid for at least one year, you will also be treated as a tax resident upfront.
Foreigners that worked for less than 183 days will be considered as non-tax resident.
If you are a foreigner on Employment Pass i.e. a salaried employee in Singapore, you are treated as a tax resident upfront. Otherwise, if you a foreigner who has income generated from Singapore, you are considered as a tax resident of Singapore if you:
- Have stayed or worked for at least 183 days in a calendar year or for a continuous period more than 2 years or have stayed or worked for 3 consecutive years continuously.
You can e-file your completed tax form from 1 March to 18 April for income received in the preceding tax year (January to December).
Please contact our experienced tax preparers for the preparation of your income tax returns and the checking of applicable tax reliefs and special tax schemes such as NOR (Not Ordinary Resident) and ARA (Area Representative Scheme).
You can either file your income tax manually or through IRAS website. The dateline to file your income tax manually is on the 15 April while the dateline for E-filing is 18 April.
If you would like to engage us to help you file your personal income tax, please contact us for a quote.