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Singapore Corporate Tax 2023

Calculate tax payable for YA 2023 at 17% rate with Partial Tax Exemption (PTE) or Startup Tax Exemption (SUTE).

Introduction

🎯 What

Singapore Corporate Tax Calculator 2023 estimates corporate income tax payable by companies based on chargeable income, including SUTE for startups and PTE for existing companies.

👥 Who

All companies trading in Singapore, including Resident and Non-Resident companies, Startups, and SMEs.

💡 Why

To help companies accurately forecast their YA 2023 tax liabilities, accounting for specific exemption schemes and deductions.

🏢 Company Details

Company Name

Year of Assessment

Company Type

Exemption Scheme

Partial Tax Exemption (PTE) Startup Tax Exemption (SUTE)

📊 Income & Expenses

Total Revenue (SGD)

Allowable Business Expenses (SGD)

⚙️ Capital & Deductions

Capital Allowances (SGD)

Claim for equipment wear & tear.

Approved Donations (SGD)

Deductible amount (e.g. 2.5x).

Loss Carried Forward (SGD)

Unutilised losses from previous years.

Other Deductions (SGD)

Foreign Sourced Income (Remitted)

Added to chargeable income unless exemptions apply.

💵 Tax Summary

Calculating...

Singapore Corporate Tax Rules (YA 2023)

Tax System & Rates

● Flat Rate: 17% on Chargeable Income.
● Territorial Basis: Tax applies to income accrued in or derived from Singapore.

Exemption Schemes

Partial Tax Exemption (PTE)

First $10,000: 75% Exempt
Next $190,000: 50% Exempt

Startup Tax Exemption (SUTE)

First $100,000: 75% Exempt
Next $100,000: 50% Exempt

Allowances & Deductions

To reduce your taxable income, you can claim the following:

Business Expenses: Costs wholly and exclusively incurred in the production of income (e.g., wages, rent, utilities).
Capital Allowances: Deductions for wear and tear of qualifying fixed assets (e.g., machinery, office equipment).
Approved Donations: Cash donations to approved IPCs are deductible at 2.5 times the amount donated.
Loss Carry-Forward: Unutilised trade losses and capital allowances can be carried forward to offset future income.

Calculation Examples

Example 1: Small Company (PTE)

A company has S$80,000 chargeable income.

First $10k: 75% exempt = $7,500 exempt. Taxable: $2,500.
Next $70k: 50% exempt = $35,000 exempt. Taxable: $35,000.
Total Taxable Income: $37,500.
Tax Payable (17%): $6,375.

Example 2: Medium Company (PTE)

A company has S$250,000 chargeable income.

Exempt Amount: ($10k * 75%) + ($190k * 50%) = $7,500 + $95,000 = $102,500.
Taxable Income: $250,000 - $102,500 = $147,500.
Tax Payable (17%): $25,075.

Example 3: Startup Company (SUTE)

A startup has S$150,000 chargeable income.

First $100k: 75% exempt = $75,000 exempt. Taxable $25,000.
Next $50k: 50% exempt = $25,000 exempt. Taxable $25,000.
Total Taxable Income: $50,000.
Tax Payable (17%): $8,500.

Frequently Asked Questions

Q: Is Singapore corporate tax progressive?

A: No, it is a flat rate of 17%. However, the exemptions (PTE/SUTE) lower the effective tax rate for lower income brackets.

Q: Do startups pay less tax?

A: Qualifying new startups can utilize the Startup Tax Exemption (SUTE) scheme for their first 3 consecutive YAs, offering higher exemption limits than PTE.

Q: Is foreign income taxable?

A: Only if remitted into Singapore. Exemptions may apply if the foreign income has already been taxed overseas.

Q: Can losses reduce tax?

A: Yes, losses can be offset against other income in the same year or carried forward to future years.

Q: Is GST included in corporate tax?

A: No, GST is a consumption tax. Corporate tax is on profits.

Disclaimer: This Singapore Corporate Tax Calculator 2023 is for informational and Google AdSense purposes only. Calculations are based on YA 2023 rules (17% rate, PTE & SUTE). Actual tax liability may vary. ANTIGRAVITY does not provide legal or tax advice.