The Singapore Income Tax Act (ITA) and Economic Expansion Incentives Act (EEIA) have facilitated applications for tax incentives across the country. Corporate tax and personal tax burdens alike are reduced by these incentives.

Where to Apply for Tax Incentives

There are various types of tax incentives available to companies and these are provided in the Singapore Income Tax Act (ITA) and Economic Expansion Incentives Act (EEIA). Some of the tax incentives available are listed in the table below.

Governing legislationTypes of incentives Where to apply
ITA/S13FApproved International Shipping EnterpriseMPA www.mpa.gov.sg
ITA/S13HApproved Venture CompanyEDB www.edb.gov.sg
ITA/S14BFurther deduction of expenses relating to Approved Trade Fairs, Trade Exhibitions, Trade Missions or to maintain overseas Trade OfficeIE Singapore www.iesingapore.gov.sg
ITA/S14EFurther deduction of expenses on Research and Development ProjectEDB www.edb.gov.sg
ITA/S14OTax deduction of special reserves for catastrophic risks of approved general insurersMAS www.mas.gov.sg
ITA/S19CWriting down allowance for cost sharing agreementEDB www.edb.gov.sg
ITA/S43(9)Concessionary rate of tax for income of life insurance companies apportioned to policyholders
ITA/S43CConcessionary rate of tax for approved offshore general insurance companiesMAS www.mas.gov.sg
ITA/S43CConcessionary rate of tax for approved offshore life insurance companiesMAS www.mas.gov.sg
ITA/S43CConcessionary rate of tax for approved offshore composite insurance companiesMAS www.mas.gov.sg
ITA/S43CExemption of tax for approved marine hull and liability insurer (onshore and offshore business)MAS www.mas.gov.sg
ITA/S43CExemption of tax for approved offshore captive insurance companiesMAS www.mas.gov.sg
ITA/S43CExemption of tax for approved insurer underwriting offshore qualifying specialised insurance riskMAS www.mas.gov.sg
ITA/S43EConcessionary rate of tax for Approved Operational Headquarters (OHQs)EDB www.edb.gov.sg
ITA/S43GConcessionary rate of tax for Approved Finance and Treasury CentreEDB www.edb.gov.sg
ITA/S43QConcessionary rate of tax for Financial Sector Incentive CompaniesMAS www.mas.gov.sg
ITA/S43PApproved Global Trading CompanyIE Singapore www.iesingapore.gov.sg
EEIA/ Part IIPioneer IndustriesEDB www.edb.gov.sg
EEIA/ Part IIIPioneer Service CompaniesEDB www.edb.gov.sg
EEIA/Part IIIBApproved Shipping Logistics EnterpriseMPA www.mpa.gov.sg
EEIA/ Part IIIBDevelopment & Expansion IncentiveEDB www.edb.gov.sg
EEIA/Part XInvestment AllowancesEDB www.edb.gov.sg
EEIA/Part XIIIBOverseas Enterprise IncentiveIE Singapore www.iesingapore.gov.sg
EEIA/Part VIAExport Service CompanyEDB www.edb.gov.sg

Where to apply for some tax incentives FAQs

How to claim for tax exemption?2020-07-01T10:17:40+08:00

You are required to make a declaration in your income tax returns by giving the nature and amount of the foreign-sourced income that was remitted to Singapore. You are also required to complete the Declaration Form for Foreign-Sourced Income Received in Singapore From 22 Jan 2009 to 21 Jan 2010 (60KB) for submission to IRAS. Although you have to state the use of the foreign income in the declaration form, the usage of such foreign income will not affect the claim for tax exemption.

What is an Avoidance of Double Tax Agreement?2020-07-01T10:17:13+08:00

An Avoidance of Double Taxation Agreement (DTA) is an agreement signed between Singapore and another country (a treaty country) which serves to relieve double taxation of income that is earned in one country by a resident of the other country.

It makes clear the taxing rights between Singapore and her treaty partner on the different types of income arising from cross-border economic activities between the two countries.

The DTA also provides for reduction or exemption of tax on certain types of income.

Only Singapore tax residents and tax residents of the treaty country can enjoy the benefits of a DTA. To find out who are our treaty partners, please refer to the List of Avoidance of Double Tax Agreements.

How income is assessed?2020-07-01T10:16:31+08:00

Income is assessed on a preceding year basis. This means that the basis period for any Year of Assessment (YA) generally refers to the financial year ending in the year preceding the YA.

Share This Story, Choose Your Platform!

Just keep reading…

Join our PHP Community SG Forum - Expert Tips & Resources
Go to Top