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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:

Ø  incorporated in Singapore (except companies limited by guarantee)

Ø  a tax resident of Singapore in that YA

Ø  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:

Ø  incorporated in Singapore (except companies limited by guarantee)

Ø  a tax resident of Singapore in that YA

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

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

ü  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:

Ø  incorporated in Singapore (including companies limited by guarantee)

Ø  a tax resident of Singapore in that YA

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

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

ü  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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