Which Business Entities do not qualify for the Start-up tax exemption scheme?
Not all business entities in Singapore are eligible for the government’s tax exemption. Only private limited companies, foreign subsidiary companies, foreign branch companies, and Singapore offshore companies qualify for it. Therefore, business entities such as sole proprietorships, partnerships, and limited liability partnerships may not receive the tax exemption.
What are the most recent changes to Singapore’s income Tax Rates?
Singapore’s current maximum personal income tax rate is 22%. This represents an increase from the prior maximum rate of 20%. On the other hand, the corporate income tax rate has steadily declined over the years. It once sat at 26% but is now at 17%.
Why must Singapore have Tax exemptions on International air travel and shipping Income?
The countries to which these tax exemptions apply are heavily involved in shipping and air routes to and from Singapore. Therefore, these exemptions encourage the people of these countries to continue to engage with and conduct business activities in Singapore.
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Here, you will find detailed information about Singapore’s Corporate Tax System. Paul Hype Page & Co helps companies with strategic tax planning, tax advisory, and accountancy services.
- Singapore Tax Planning
- International Tax Planning
IRAS (Singapore’s Tax Authority) governs Singapore’s tax system, helps develop a stronger economy, better environment and a more vibrant economy. All companies, regardless of industry, have a legal duty to pay taxes.
Singapore attracts investments from around the world by reducing its corporate income tax rate and introducing different tax incentives. Singapore has one of the lowest corporate tax rates in the world.
As your company’s Tax agent , Paul Hype Page & Co Chartered Accountant will be fully responsible for the practice of ensuring that these conditions are met. It is important that we be highly qualified and well versed in local regulations and corporate laws, as we are responsible for the upkeep of important company files, tax reports and tax records.