Yes. While Singapore applies the same 17% headline rate to all companies, small and medium enterprises benefit from a number of exemptions, reliefs and simplifications that meaningfully lower their effective tax and compliance burden.
The most significant are the tax exemption schemes. Qualifying new start-ups can claim the Start-Up Tax Exemption (SUTE) – 75% exemption on the first S$100,000 of normal chargeable income and 50% on the next S$100,000 – for their first three consecutive Years of Assessment. Thereafter, and for all other companies, the Partial Tax Exemption (PTE) exempts 75% of the first S$10,000 and 50% of the next S$190,000 of chargeable income.
On top of these, SMEs can benefit from the Enterprise Innovation Scheme (EIS), periodic Corporate Income Tax Rebates and cash grants announced in the Budget, and various enterprise grants. Smaller companies that meet the conditions may also file the simplified Form C-S or Form C-S (Lite) instead of the full Form C.
Apexia can identify which SME reliefs and grants apply to your business and make sure you claim them correctly.