Corporate Tax

Corporate income tax rate

Companies, whether local or foreign, are taxed at a flat rate of 17% of their taxable income.

General rule for all companies

All Singapore companies are required to pay tax on income from the previous financial year. The income from the 2019 Financial Year will be taxed in 2020.

Base period and year of assessment

For tax purposes, using the same example above, 2020 is the year of assessment (YA). In other words, YA is the year in which your income is assessed for taxation.

In order to assess the tax, the Inland Revenue Authority of Singapore (IRAS) will look at a company’s income, expenses, etc. for the financial year. This financial year is known as the “base period”.

The Base Period is generally 12 months prior to the assessment year (YA).

Based on examples of different financial year end dates.

Financial Year End Date	Base Period	Year of Assessment (YA)
31st March	April 1, 2018 – March 31, 2019	2020
30th June	July 1, 2018 – June 30, 2019	2020
31st December	January 1, 2019 – December 31, 2019	2020

The same rules apply to new companies.

Singapore FOZL Group Pte. Ltd.
Accounting and Corporate Regulatory Authority of Singapore licensed corporate advisory firm.
Singapore Company Registration, Annual Return, Accounting & Tax
Trademark Registration, Corporate Advisory, Serviced Offices.
6 Raffles Quay，#14-02-#14-06， Singapore 048580

Taxable Income

Singapore Goods and Services Tax (GST): A Must-Know for Business Development

Relevant Knowledge

【Licensing】Food Import Licence

All companies wishing to import, export, or trans-ship food products must be registered and licensed by the Singapore Food Authority in accordance with the relevant laws of Singapore.

【Licensing】Custom Registration

Companies registered in Singapore can directly engage in international trade. If a company intends to import products into Singapore, the goods must undergo customs clearance upon arrival. This requires the company to submit an application to Singapore Customs in advance and obtain the necessary registration or permits. Once the customs registration is approved, logistics companies or customs brokers can declare the goods to Singapore Customs on behalf of your company, pay Goods and Services Tax (GST), and import the goods into Singapore.

【Licensing】13R & 13X

For investments in Asia and the Pacific, Singapore is an important base for family offices, private equity, real estate, and hedge fund managers.

【Licensing】Ship Registration

The Singapore ship registration system is administered by the Maritime and Port Authority of Singapore (MPA). The following outlines the eligibility, procedures, and documentation requirements for registering a vessel in Singapore.

【Licensing】Fund Management Licence