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Singapore Corporate Income Tax

Update Date:2019-9-20 9:54:20     Views:2092

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Singapore corporate income is assessed on a preceding year basis. Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments.

Singapore Corporate Income Tax - Income Tax Filing Due Date
The company has to file a complete set of returns including Form C, audited/unaudited accounts, and tax computation. The Form C is a declaration form for a company to report its income whereas tax computation is a statement showing the adjustments to the net profit/loss as per the accounts of a company to arrive at the amount of income that is chargeable to tax.

Singapore Corporate Income Tax -Income Tax Basis Period
In Singapore, corporate income is assessed on a preceding year basis. This means that the basis period for any Year of Assessment (YA) generally refers to the financial year ending (FYE) in the year preceding the YA. For example, in year 2008 you will be filing corporate tax return for your company’s financial year that ended anytime from January 1, 2007 to December 31, 2007. Your company’s accounts are prepared up to the FYE each year.

Singapore Corporate Income Tax -Income Tax Audit Exemption
In order to ease the burden on smaller businesses, a) exempt private companies (i.e. no corporate shareholders and individual shareholders < 20) with annual revenue of less than S$5 million; and b) dormant companies (i.e. no accounting transactions during the year) are exempted from auditing their accounts and can file unaudited accounts. Where the financial year is less than 12 months, the said limit of S$5 million must be pro-rated.

An Exempt Private Company (EPC) is defined under Section 4(1) of the Companies Act as a company which has no more than 20 shareholders and its shares are held by individuals only. It’s important to note that all companies (regardless of exempt or not) are required to submit a Form C, tax computation and the audited/unaudited accounts annually.

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If you have further queries in Singapore Corporate Income Tax, don’t hesitate to contact ATAHK anytime, anywhere by simply visiting ATAHK’s website, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or email at

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