The table below gives an overview of the Corporate Tax Rates, Corporate Income Tax Rebates and Tax Exemption Schemes.
Year of Assessment
(YA)
Tax rate
Tax exemption/ rebate
2013 and subsequent YAs
17%
Partial tax exemption and tax exemption scheme for new start-up companies
Companies can enjoy the partial tax exemption and tax exemption for new start-up companies, as provided in the tables below.
Partial tax exemption for companies (from YA 2020)
Chargeable income
% exempted from Tax
Amount exempted from Tax
First $10,000
@75%
=$7,500
Next $190,000
@50%
=$95,000
Total $200,000
=$102,500
Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or after YA 2020)
Chargeable income
% exempted from Tax
Amount exempted from Tax
First $100,000
@75%
=$75,000
Next $100,000
@50%
=$50,000
Total $200,000
=$125,000
Partial tax exemption for companies (YA 2019 and before)
Chargeable income
% exempted from Tax
Amount exempted from Tax
First $10,000
@75%
=$7,500
Next $290,000
@50%
=$145,000
Total $300,000
=$152,500
Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or before YA 2019)
With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company.
