Singapore Corporate Tax 2024
Calculate tax payable for YA 2024 at 17% rate with Partial Tax Exemption (PTE) or Startup Tax Exemption (SUTE).
Introduction
🎯 What
Singapore Corporate Tax Calculator 2024 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 2024 tax liabilities, accounting for specific exemption schemes and deductions.
🏢 Company Details
📊 Income & Expenses
⚙️ Capital & Deductions
Claim for equipment wear & tear.
Deductible amount (e.g. 2.5x).
Unutilised losses from previous years.
Added to chargeable income unless exemptions apply.
💵 Tax Summary
Detailed Calculation Steps
Singapore Corporate Tax Rules (YA 2024)
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 2024 is for informational and Google AdSense purposes only. Calculations are based on YA 2024 rules (17% rate, PTE & SUTE). Actual tax liability may vary. ANTIGRAVITY does not provide legal or tax advice.