Corporate Tax in Singapore
- Tax Base For Resident and Foreign Companies
- There is no tax differential between business carried on in Singapore by residents and by non-residents. Tax is imposed on all income accrued in or derived from Singapore , and all foreign income remitted into Singapore.
|Corporation tax||17%. For more details, visit: Inland Revenue Authority of Singapore|
- Tax Rate For Foreign Companies
- Capital Gains Taxation
- There is no capital gains tax in Singapore .
- Main Allowable Deductions and Tax Credit
- Interest on loans, rent paid on land and buildings, royalty payments, expenses for repairing plant and equipment, defaulted trade receivables, contributions to an approved pension fund or the Central Provident Fund, contributions to employee medical benefit plans up to 1% of total payroll expense, double-tax deductions for approved relocation and recruitment expenses when hiring foreign talent, research and development expenses, cost of building modifications for disabled employees of up to SGD 100,000.
- Other Corporate Taxes
- Visit the site of Inland Revenue Authority of Singapore.
Country Comparison For Corporate Taxation
|Singapore||East Asia & Pacific||United States||Germany|
|Number of Payments of Taxes per Year||5.0||24.5||11.0||16.0|
|Time Taken For Administrative Formalities (Hours)||84.0||218.2||187.0||215.0|
|Total Share of Taxes (% of Profit)||25.4||35.4||46.8||48.2|
Source: Doing Business
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action. **** The Greater the Index, the Higher the Level of Investor Protection.
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Company Incorporation, Singapore