Your Essential Compliance Guide for Running a Business in Singapore

Welcome


If you’re starting or running a business in Singapore, staying compliant with tax regulations is critical. This guide offers a clear, practical overview of the core tax obligations every business must meet — helping you plan ahead, avoid penalties, and maximise eligible tax benefits.

1. Corporate Income Tax (CIT)

Standard Rate:

  • 17% flat corporate tax rate on chargeable income.

Start-Up Tax Exemption (SUTE):

For qualifying new companies (first 3 years):

  • 75% exemption on the first S$100,000
  • 50% exemption on the next S$100,000

Must not be investment holding or property development companies.

Partial Tax Exemption (PTE):

For all companies (including after year 4):

  • 75% exemption on first S$10,000
  • 50% exemption on next S$190,000

2. Key Tax Filing Obligations

Obligation
Deadline
Required For
Estimated Chargeable Income (ECI)
Within 3 months of FYE
All companies unless ECI = $0 & revenue ≤ S$5m
Form C-S / Form C
By 30 Nov each year
Income tax filing to IRAS
Return (AR) to ACRAv
Within 7 months of FYE
All companies
Financial Statement (FS)
Required with AR (XBRL for most)
All active and most dormant companies

Late filing may result in penalties, summons, or prosecution.

3. Goods & Services Tax (GST)

What is GST?

  • 9% tax on consumption of goods and services (as of 1 Jan 2024)

Do I Need to Register?

  • Compulsory if taxable turnover exceeds S$1 million in past 12 months or projected next 12 months.
  • Voluntary registration allowed, with conditions.

GST Obligations:

  • File quarterly GST returns (F5)
  • Maintain GST-compliant invoices and records
  • Pay any GST collected to IRAS

Failure to register on time may incur backdated tax and penalties.

4. Other Common Taxes

Tax Type
Applies To
Withholding Tax
Payments to non-residents (e.g., royalties, services)
Property Tax
Companies owning Singapore property
Stamp Duty
Share transfers or property transactions
Skills Development Levy (SDL)
All employees earning >S$50/month

5. Useful Tips for Compliance

  • Maintain proper bookkeeping from day one
  • Keep all supporting documents (invoices, receipts, contracts)
  • Understand your Filing Calendar (ECI, FS, AR, GST, Income Tax)
  • Consult professionals when unsure — penalties can be hefty
  • Use XBRL software or service providers for FS filing if required

Need Help?

At mycom+, we handle accounting, tax filing, and GST compliance for companies of all sizes — so you can focus on growth, not red tape.