The table below gives an overview of the Corporate Tax Rates, Corporate Income Tax Rebates and Tax Exemption Schemes.

Year of Assessment
(YA)
Tax rateTax exemption/ rebate
2013 and subsequent YAs17%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 TaxAmount 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 TaxAmount 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 TaxAmount 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 TaxAmount 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.