singapore tax exemption scheme for new startup companies guide
TRANSCRIPT
SINGAPORE TAX EXEMPTION SCHEME FOR NEW START-UP COMPANIES: 2013 - 2015
Copyright © 2014 Rikvin Pte LtdLast updated on February 28, 2014
CORPORATE INCOME TAX REBATE - YA 2013 TO YA 2015
To relieve business costs, a 30% corporate income tax rebate capped at $30,000 per Year of Assessment (YA) will be granted to companies for three years from YA 2013 to YA 2015
START-UP TAX EXEMPTION (SUTE) SCHEME
Did you know?• At 17%, Singapore’s corporate income tax rate is the third lowest in the world after Hong Kong (16.5%) and Ireland (12.5%).• However, the effective tax rate of a Singapore company with S$500,000 of normal chargeable income will only be 11.8%.
With the income tax rebate, it is lowered to 8.27% for YA 2013 - YA 2015.
New Startup Companies* for First 3 Years of Assessment
For All Other Companies - Partial Tax Exemption
* Qualifying conditions:
• Musthavenomorethan20individualshareholders
• Forcorporateshareholders,oneindividualmustholdatleast10%oftheissuedshares
• Propertyandinvestmentholdingcompaniesarenoteligible“ Companiesthatdonotmeetthequalifyingconditionswouldstillbe
eligibleforpartialtaxexemption. ”
Copyright © 2015 Rikvin Pte Ltd
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The information contained herein is intended for general information purposes only and shall not be regarded as professional advice. Readers are therefore advised that before acting on any matter arising from these notes, they should discuss their particular situation with the Firm. No liability can be accepted for any action taken as result of reading the notes without prior consultation with regard to all relevant factors.
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