Corporate Taxation
A corporation is generally liable for Singapore income tax on all income accruing in, or derived from Singapore, as well as foreign sourced income remitted or deemed remitted into the country.
Corporate Income Tax Rebate
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Corporate Income Tax Rebate
Corporate Income Tax rebates were applicable for the Years of Assessment (YAs) 2013 to 2020. The rebates are no longer available for YA 2023, based on Budget 2023.
To relieve business costs, a 50% and 20% corporate income tax rebate of tax payable will be granted in YA 2017 and YA 2018 respectively. The capped amounts for YA 2017 and YA 2018 will be $25,000 and $10,000 per YA respectively.
YA 2016 Corporate Income Tax Rebate | SGD |
Chargeable income (B) | $560,000 |
Less: Exempt income | |
- 75% of first $10,000 | ($7,500) |
- 50% of next $290,000 | ($145,000) |
Chargeable income (after exempt income) | $407,500 |
Tax thereon @ 17% | $69,275 |
Less: 50% corporate tax income rebate (50% of | ($20,000) |
Tax payable (A) | $49,275 |
Effective tax rate (A/B) | 8.8% |
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