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In Singapore, businesses must file their ECI (Estimated Chargeable Income) with IRAS (Inland Revenue Authority of Singapore) within 3 months of the end of their financial year. The ECI statement must accurately reflect the company's main source of income. However, certain companies can get waiver from ECI filing.
Upon submitting the ECI form, companies will receive a Notice of Assessment (NOA), indicating the amount of tax owed. This amount must be paid within one month from the date listed on the NOA. Starting in 2020, all companies are required to e-file their corporate tax returns as per government regulations, though they have the option to e-file or paper-file their ECI statement.
It is important for businesses to determine their ECI filing requirements and eligibility for ECI filing waiver.
Aura Partners Singapore offers comprehensive tax services, including consultancy, ECI preparation, tax filing, and submission to IRAS, for both local and foreign companies in Singapore.
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Frequently Asked Questions About Corporate Tax Services
Singapore has a flat corporate income tax rate of 17%. For annual profits of up to S$300,000, tax incentives are available that make the effective corporate tax rate below 9%, provided all eligibility criteria set by the authority are met.
The deadline for filing the final corporate tax return in Singapore is November 30. The tax return is filed on a prior year basis, i.e. you will need to file a tax return for the financial year that ended in the previous calendar year.
Capital gains in Singapore are tax-exempt.
There is no dividend tax for Singapore companies. Once you have paid corporate income tax on your company’s profits, the post-tax profits can be distributed tax-free to shareholders.
New tax incentives for Singapore start-up private limited companies have been introduced since 2005 to support entrepreneurship and to help foster the growth of SMEs. Under the new scheme, a newly incorporated company that satisfies the qualifying conditions (viz. be incorporated in Singapore, must be a tax resident of Singapore and has no more than 20 shareholders, of which at least one is an individual shareholder holding at least 10% of shares) will be taxed as follows:
- For each of its first three consecutive tax years – a corporate tax rate of 0% on the first S$100,000 of taxable income and approximately 8.5% effective tax rate on the next S$200,000 of taxable income. The taxable income above S$300,000 will be charged at the standard headline corporate tax rate of 17%.
- From the fourth tax year onwards - approximately 8.5% effective tax rate on taxable income of up to S$300,000 per annum. The taxable income above S$300,000 will be charged at the standard headline corporate tax rate of 17%.
No. Under the current one-tier corporate tax system, the tax paid by a company on its chargeable income is the final tax. All dividends paid by a company are exempted from tax in the hands of the shareholders in Singapore.
Yes. Every Singapore company is required to file a tax return on an annual basis.