GuideMeSingapore

According to a recent news report, more than 120,000 corporate taxpayers, especially SMEs, are unaware of the schemes and incentives that can help reduce their effective tax rate.

The Singapore authorities have introduced tax saving measures in order to support entrepreneurship and to help foster growth of SMEs. For example, under the full tax exemption scheme, a newly incorporated company that satisfies certain qualifying conditions will enjoy full tax exemption (i.e. 0% tax rate) on the first S$100,000 of taxable income for each of the first three tax filing years. Furthermore, a number of tax saving measures have been introduced by the government this year. For instance, there has been an enhancement of carry-back relief, enhancement of tax deduction for capital expenditure incurred on renovation or refurbishment works and enhancements to several other tax incentive schemes.

Singapore offers an excellent support environment for start-ups and SMEs from loans and grants to tax incentives. It is important for companies to be abreast with the latest government tax incentives in order to derive economic benefits, especially in the current economic landscape. GuideMeSingapore.com provides a detailed coverage of various Singapore taxation topics including tax rates, general and industry specific tax incentives, recent tax amendments, and more. Moreover, we offer a comprehensive range of accounting and tax filing services for SMEs and our tax specialists can help you take advantage of the available tax breaks and minimize your company’s tax burden.

Interested in doing business in Singapore? Find out how to register a Singapore company.