The table below gives an overview of the Corporate Tax Rates, Corporate Income Tax Rebates and Tax Exemption Schemes.
Year of Assessment (YA) |
Tax rate | Tax exemption/ rebate | ||||||||||||||||||||||||||||||||||||||||||||||||
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2013 and subsequent YAs | 17% | Partial tax exemption and tax exemption scheme for new start-up companies
Companies can enjoy the partial tax exemption and tax exemption for new start-up companies, as provided in the tables below. Partial tax exemption for companies (from YA 2020)
Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or after YA 2020)
Partial tax exemption for companies (YA 2019 and before)
Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or before YA 2019)
For more details on the above exemptions, please refer to Common Tax Reliefs That Help Reduce The Tax Bills. YA 2020New!Companies will be granted a 25% Corporate Income Tax Rebate capped at $15,000. YA 2019Companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000. YA 2018Companies will be granted a 40% Corporate Income Tax Rebate capped at $15,000. YA 2017Companies will be granted a 50% Corporate Income Tax Rebate capped at $25,000. YA 2016Companies will be granted a 50% Corporate Income Tax Rebate capped at $20,000. YA 2013, YA 2014 and 2015Companies will be granted a 30% Corporate Income Tax Rebate capped at $30,000 for each YA. |