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Business Solutions


29-Oct-14

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Tax Exemption for Start-ups

 

.. new start-ups that meet certain qualifying conditions do not need to pay tax on the first S$100,000 of chargeable income (excluding Singapore franked dividends) for any of the first 3 years of tax assessment from Year of Assessment 2005.

 

For who?

New companies that meet these criteria:

From Year of Assessment (YA) 2005 to YA 2008:

  incorporated in Singapore (except companies limited by guarantee)

  a tax resident of Singapore in that YA

  has its total share capital beneficially held, directly or indirectly, by no more than 20 individuals throughout the basis period relating to that YA.

With effect from YA 2009:

  incorporated in Singapore (except companies limited by guarantee)

  a tax resident of Singapore in that YA

  has no more than 20 shareholders throughout the basis period for that YA where:

  all of the shareholders are individuals beneficially holding the shares in their own names; OR

  at least one shareholder is an individual beneficially holding at least 10% of the issued ordinary shares of the company

With effect from YA 2010:

  incorporated in Singapore (including companies limited by guarantee)

  a tax resident of Singapore in that YA

  has no more than 20 shareholders throughout the basis period for that YA where:

  all of the shareholders are individuals beneficially holding the shares in their own names; OR

  at least one shareholder is an individual beneficially holding at least 10% of the issued ordinary shares of the company

For what?

To help start-ups preserve their cash flow and profits.

 

How much?

Tax exemption on the first S$100,000 of chargeable income (excluding Singapore franked dividends) for any of the first 3 consecutive years of tax assessment from YA2005.

Starting from YA 2008, a further 50% exemption is given on the next S$200,000 of the normal chargeable income (excluding Singapore franked dividends) for each of the first 3 consecutive YAs.

 

Things to note

Singapore franked dividends are dividends paid out of the profits of a company on which tax has already been paid in Singapore.

The first YA of a qualifying company is the YA relating to the basis period during which the company is incorporated.

 

For more info

Tax Exemption for Start-ups by Inland Revenue Authority of Singapore (IRAS)

 

 

 

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