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Singapore operates a modified territorial basis of taxation.
Individuals and companies are taxed on income sourced in Singapore. Companies are taxed on income received in Singapore if it is sourced outside Singapore, except if certain prescribed conditions for exemption are met.
Basis of assessment
The tax year, known as the year of assessment (YA), runs from 1 January to 31 December. The period for which the profits are identified for assessment is called the basis year. The basis year is generally the year preceding the YA. Therefore, income earned during the 2022 basis year is assessed to tax in YA 2023.
Corporate income tax
Under the modified territorial basis of taxation, companies in Singapore are subject to tax on income accruing in or derived from Singapore and foreign income received or deemed received in Singapore from outside Singapore.
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Rate
![Rate]()
17% -
ECI filing deadline
![ECI filing deadline]()
Within 3 months after financial year end -
Tax return/computation/ (un)audited accounts deadline
![Tax return/computation/ (un)audited accounts deadline]()
30 November
Withholding tax
Withholding tax is generally a final tax where the income in question is not derived from the provision of services.
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Filing and payment deadline
![Filing and payment deadline]()
By 15th of the second month, following the date of payment to the non-resident -
Range of tax rates
![Range of tax rates]()
15% to 24%, depending on the nature of income (may be reduced under tax incentives or Tax Treaties)
Goods and Services Tax
Goods and Services Tax (GST) is the principal indirect tax in Singapore (akin to value-added tax in other countries).
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GST rate
![GST rate]()
8% from 1 January 2023 -
Filing and payment deadline
![Filing and payment deadline]()
1 month after end of GST accounting period -
Registration threshold
![Registration threshold]()
SGD 1 million
Singapore’s excellent strategic location and globalised economy make it an attractive business hub for organisations looking to build their presence in Southeast Asia and Asia-Pacific.
If you are planning on doing business in Singapore, knowledge of the investment environment and information on legal, accounting and taxation framework are essential to keep you on the right track.
This guide will provide you with insights into the key aspects of investing and undertaking business in Singapore. It makes reference to some of the most common issues companies might face when expanding into the city-state.
Doing Business in Singapore 2021
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