Singapore tax guidance for founders. Covers personal income tax, corporate tax (17%), and GST optimization. Use when planning tax strategy, calculating obligations, or preparing for IRAS filings. NOT professional tax advice - consult licensed tax agent for formal advice.
Scope: Tax planning assistance for Singapore founders — personal income tax, corporate tax, and GST.
Disclaimer: This skill provides informational guidance based on IRAS regulations. It is NOT professional tax advice. For formal tax planning, consult a licensed Singapore tax agent.
| Tax Type | Rate | Authority | Key Deadline |
|---|---|---|---|
| Personal Income Tax | 0-24% progressive | IRAS | Apr 15 (paper) / Apr 18 (e-filing) |
| Corporate Tax | 17% (effective ~8.5% for first $300K) | IRAS | Nov 30 (ECI), Dec 15 (Form C-S/C) |
| GST | 9% (from Jan 2024) | IRAS | 1 month after accounting period |
| Chargeable Income | Rate | Tax Payable |
|---|---|---|
| First $20,000 | 0% | $0 |
| Next $10,000 | 2% | $200 |
| Next $10,000 | 3.5% | $350 |
| Next $40,000 | 7% | $2,800 |
| Next $40,000 | 11.5% | $4,600 |
| Next $40,000 | 15% | $6,000 |
| Next $40,000 | 18% | $7,200 |
| Next $40,000 | 19% | $7,600 |
| Next $40,000 | 19.5% | $7,800 |
| Next $40,000 | 20% | $8,000 |
| Next $500,000 | 22% | $110,000 |
| Above $1,000,000 | 24% | — |
| Relief | Amount | Notes |
|---|---|---|
| Earned Income Relief | $1,000 (below 55) | Auto-included |
| CPF Relief | Actual contributions | Capped at OW ceiling |
| NSman Relief | $1,500-$5,000 | Based on activity |
| Parent Relief | $9,000-$14,000 | Conditions apply |
| Spouse Relief | $2,000 | Spouse income <$4,000 |
| SRS Contributions | Up to $15,300 (citizen) | Tax-deferred |
| Course Fees Relief | Up to $5,500 | Approved courses |
Salary vs Dividend Mix
Director's Fees
SRS Contributions
Timing Income
| Chargeable Income | Exemption |
|---|---|
| First $10,000 | 75% exempt → $2,500 taxable |
| Next $190,000 | 50% exempt → $95,000 taxable |
Effective tax on first $200,000: ~$16,575 (8.3% effective rate)
For qualifying new companies:
| Chargeable Income | Exemption |
|---|---|
| First $100,000 | 75% exempt |
| Next $100,000 | 50% exempt |
Effective tax on first $200,000: ~$8,125 (4.1% effective rate)
Qualifying conditions:
| Deduction | Rate | Cap |
|---|---|---|
| R&D (qualifying) | 250% | — |
| IP registration costs | 200% | — |
| Automation equipment | 100% + CA | — |
| Donations (approved IPCs) | 250% | — |
| Training (approved courses) | 400% | — |
| Form | Deadline | Notes |
|---|---|---|
| ECI | Within 3 months of FYE | Estimated Chargeable Income |
| Form C-S | Nov 30 | Simplified, revenue ≤$5M |
| Form C | Dec 15 | Full form |
| AGM | Within 6 months of FYE | First AGM within 18 months |
| Annual Return | Within 7 months of FYE | To ACRA, not IRAS |
Timing Expenses
Related Party Transactions
Holding Structure
Carry-forward Losses
| Basis | Threshold | Action |
|---|---|---|
| Retrospective | Taxable turnover >$1M in past 12 months | Must register within 30 days |
| Prospective | Expect >$1M in next 12 months | Must register within 30 days |
| Voluntary | Below threshold | Can register voluntarily |
| Category | GST Treatment |
|---|---|
| Local goods/services | Standard-rated (9%) |
| Exports | Zero-rated (0%) |
| Financial services | Exempt |
| Residential property sale/rent | Exempt |
| Digital services (imported) | Subject to GST |
Can claim: GST paid on business purchases Cannot claim:
Voluntary Registration
Pricing Strategy
Export-Heavy Business
| Resource | URL |
|---|---|
| IRAS Personal Tax | https://www.iras.gov.sg/taxes/individual-income-tax |
| IRAS Corporate Tax | https://www.iras.gov.sg/taxes/corporate-income-tax |
| IRAS GST | https://www.iras.gov.sg/taxes/goods-services-tax-(gst) |
| Tax Calculator | https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-calculator |
| ACRA | https://www.acra.gov.sg |
This skill provides general guidance. Tax situations are individual. For:
The goal is to help you understand the landscape and prepare, not replace professional advice.