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Corporate Tax Rates
Taxation

Corporate Tax Rates

By February 18, 2020 September 7th, 2020 No Comments

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
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)

Chargeable income % exempted from Tax Amount exempted from Tax
First $10,000 @75% =$7,500
Next $190,000 @50% =$95,000
Total $200,000 =$102,500

Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or after YA 2020)

Chargeable income % exempted from Tax Amount exempted from Tax
First $100,000 @75% =$75,000
Next $100,000 @50% =$50,000
Total $200,000 =$125,000

Partial tax exemption for companies (YA 2019 and before)

Chargeable income % exempted from Tax Amount exempted from Tax
First $10,000 @75% =$7,500
Next $290,000 @50% =$145,000
Total $300,000 =$152,500

Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or before YA 2019)

Chargeable income % exempted from Tax Amount exempted from Tax
First $100,000 @100% =$100,000
Next $200,000 @50% =$100,000
Total $300,000 =$200,000

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 2019

Companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000.

YA 2018

Companies will be granted a 40% Corporate Income Tax Rebate capped at $15,000.

YA 2017

Companies will be granted a 50% Corporate Income Tax Rebate capped at $25,000.

YA 2016

Companies will be granted a 50% Corporate Income Tax Rebate capped at $20,000.

YA 2013, YA 2014 and 2015

Companies will be granted a 30% Corporate Income Tax Rebate capped at $30,000 for each YA.