Jot down the Singapore tax season 2025 tax filing deadlines, exemptions and guidelines for corporate income tax.
Every year, it’s essential for Singaporean companies including self-employed business owners to file income tax returns on time. It’s crucial to grasp tax rates and requirements to effectively meet deadlines, maximise tax benefits and ensure legal compliance.
The Inland Revenue Authority of Singapore (IRAS) provides guidelines and support to meet tax obligations, from issuing tax bills, also known as Notices of Assessment (NOA), to defining the Year of Assessment (YA) to ensure the tax year runs in line with the calendar year.
Singapore tax season involves several considerations and filing deadlines that companies must be aware of to ensure compliance with tax regulations related to their chargeable income.
Important dates
While most businesses follow the timeline for declaring their estimated and actual business revenue to declare their taxes, sole proprietorships or partnerships are not in the same category.
Instead, sole proprietorships or partnerships file taxes as part of the owner’s individual income tax obligations.
| Name | Purpose | Deadline |
| Estimated Chargeable Income (ECI) | Declares an estimate of the company’s income subject to tax for the YA. | Due within 3 months from the end of your company’s financial year. |
| Form C-S/ Form C-S (Lite)/ Form C | Declares your actual income subjected to tax for the YA. | Due 30 November each year, regardless of financial year-end. |
| Goods and Services Tax (GST) Returns | To reclaim from the goods and services tax.
|
Due one month after the end of each accounting period (usually done quarterly). |
| Personal income tax | Sole proprietors or partnerships file their taxes under individual income tax/personal income tax. | Due on 18 April for e-filing and 15 April for paper-filing. |
Taxpayers are advised to update their contact details (especially their mobile number and email address) in the myTax Portal to ensure that they receive timely notifications. The Singaporean government also recommends using digital payment methods like GIRO or PayNow to file e-filing when receiving tax bills.
Verifying the exact annual deadline to file your taxes is advisable as the tax authority may occasionally adjust it.
What is income tax?
The income tax is the levy charged on the profits earned. Companies need to file annual tax returns to determine their tax liabilities for the previous year.
The Inland Revenue Authority of Singapore (IRAS) defines the entities below as companies which are required to file for tax:
An entity incorporated or registered under the Companies Act 1967 or any applicable law in the country, identified by the inclusion of ‘Pte Ltd’ or ‘Ltd’ in its name.
A foreign company registered in the country, such as a branch of a foreign corporation.
A foreign company incorporated or registered outside the country.
However, companies with financial year-ends that don’t conclude on 31 December or extend beyond 12 months are advised to notify IRAS to ensure compliance with tax regulations and facilitate proper tax planning and filing.
Late filing of financial statements and tax computations past the due date is considered non-compliance. Companies may face legal consequences, including being issued an estimated Notice of Assessment (NOA), fines, and court summons.
Corporate income tax rate
In Singapore, businesses are subject to a flat tax rate of 17% on their chargeable income, which is their tax payable after tax deductions (salaries, rental payments, utilities). This rate applies to both resident and non-resident entities operating in the country.
How is corporate income taxed in Singapore?
All businesses operating in Singapore, whether resident or non-resident, are liable for taxation on income derived within Singapore at the time it is earned and on income earned abroad once it is remitted to the country.
Businesses are also assessed for income earned in the preceding financial year. For instance, income generated during the financial year 2024 will be taxed in 2025, referred to as the Year of Assessment (YA).
When it comes to filing for individual income tax, Singapore employs a progressive rate of tax system, meaning the higher the income, the higher the rate of tax. For foreigners, their tax liability is dependent on their tax residency status.
The progressive rate ranges from 0% to 24%. Residents pay between 0% and 24%, and non-residents pay between 15% and 24%.
Starting in 2024, the top marginal personal income tax rate was increased. Income exceeding SGD 500,000 up to SGD 1 million will be taxed at 23%, and income over SGD 1 million will be taxed at 24%, both of which were previously taxed at 22%.
Tax exemptions for start-ups
Singapore provides various tax reliefs to help reduce tax bills, with additional support for start-ups. A detailed table is below.
| Scheme | Purpose | % Exempt from Tax |
| Partial tax exempt | This relief is available for all companies and reduces the effective tax rate on lower levels of income subject to tax. | The first SGD 10,000: 75% exempt.
The next SGD 190,000: 50% exempt. |
| Tax Exempt Scheme for New Start-Up Companies | Qualifying start-ups can benefit from this scheme for their first three years of assessment | The first SGD 100,000: 75% exempt.
The next SGD 100,000: 50% exempt. This scheme is not available to property development and investment holding companies. |
| Corporate income tax rebate (CIT): | Helps companies manage rising costs regardless of tax residency as long as they employ one local employee. | Eligible companies can receive a non-taxable cash grant of SGD 2,000.
All companies will receive a 50% CIT rebate on their income subject to tax, up to a cap of SGD 40,000. Companies qualifying for the non-taxable cash grant will have a rebate cap of SGD 38,000. |
Most companies that are tax residents of Singapore and have assessable income are eligible for tax relief. However, please refer to the IRAS website for detailed information on eligibility and the application process.
Corporate income tax filing obligations
Annual tax returns for businesses encompass two tax returns with IRAS every year. This includes:
ECI: An ECI requests companies to declare an estimate of their taxable income for a YA. This submission helps the tax authority streamline the tax assessment and collection process.
Form C-S/ Form C-S (Lite)/ Form C: These forms request companies to declare the company’s actual taxable income for a YA.
Newly incorporated companies should familiarise themselves with the tax filing process, as it may differ from that of established companies.
Specific filing requirements and notifications for filing taxes may vary depending on the company’s financial year and business activities.
The Auto-Inclusion Scheme (AIS) for Employment Income is another obligatory requirement for employers with more than 5 employees to submit their employees’ income information electronically to IRAS by 1 March each year.
This eliminates the need to distribute hard copies of the IR8A/IR8S/Appendix 8A/Appendix 8B to their employees.
Double Tax Deduction for Internationalisation Scheme
The Double Tax Deduction for Internationalisation (DTDi) scheme in Singapore is an incentive Enterprise Singapore administers in conjunction with the IRAS. Here’s an overview of the scheme below:
| Aspect | Details |
| Objectives | Encourage businesses to expand internationally by providing tax deductions for qualifying expenses.
Since 2023, this also includes start-up expenses incurred for e-commerce-related business activity.
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| % Deduction | 200% tax deducted on qualifying expenses. |
| Qualifying Activities | Market preparation.
Market exploration. Market promotion. Market presence. |
| Eligible Businesses | All Singapore-registered businesses, including companies, partnerships, and sole proprietorships. |
| Application Process | Check eligibility and qualifying activities.
Apply via the Singapore Business Grants Portal using a CorpPass account for pre-approval, if necessary. *Submissions must be made before project commencement. |
Tax incentives
Singapore offers various types of incentives that companies can leverage to optimise their tax positions. Below are some key incentives that companies may apply for:
| Scheme | Purpose | % Exempt from Tax |
| Corporate income tax rebate (CIT) | Helps companies manage rising costs regardless of tax residency as long as they employ one local employee. | Eligible companies can receive a non-taxable cash grant of SGD 2,000.
All companies will receive a 50% CIT rebate on their income subject to tax, up to a cap of SGD 40,000.
Companies qualifying for the non-taxable cash grant will have a rebate cap of SGD 38,000. |
| Research and Development (R&D) | Companies can receive enhanced deductions on tax or allowances for qualifying R&D activities. | A 250% deduction in tax is available for qualifying R&D expenditures incurred in Singapore. |
| Global Trader Programme (GTP) | Companies engaging in international trading can benefit from a concessionary rate of tax. | A 5% or 10% deduction in tax for qualifying trading income. |
| Intellectual Property Development | Available for qualifying intellectual property (IP)-generated income derived from the development of patents and copyright software | 100% income tax exemption for up to 10 years |
Further tax incentives are tailored to specific business needs and industries, offering further opportunities for tax optimisation.
Companies can consider consulting with tax professionals or relevant government agencies to explore all available incentives and determine which ones best meet their specific circumstances.
India continues to be a global powerhouse when it comes to export of goods and export of services. Indian businesses who export goods and services are considered as a zero-rated supply under goods and services tax (GST) – no GST is levied on such supplies.
This implies that exporters aren’t required to pay GST on their exports, and they can claim a refund of the tax paid on inputs and input services used in the manufacture of export goods or in the provision of export services.
This article outlines the justification of GST, what it means for companies looking to export outside India, and why the GST law is in fact a boon for their business.
For companies of all sizes, exporting has several benefits. Access to a large worldwide market of potential customers is one of the main advantages of exporting. Going global and exporting your goods allows you to reach a much larger market, whereas not doing so limits the number of customers you can reach.
Specifically, if you’re a small and medium enterprise (SME) looking to grow beyond your home country, export of goods and services brings you a slew of other benefits that would help to unlock your future growth:
Exporters who have passed the test of adhering to international standards are thought to be more trustworthy than their domestic counterparts;
The exchange of ideas and cultural information creates a wealth of economic and trade prospects;
Access to newer customers, cutting-edge equipment and vendors in foreign countries.
In recent decades, India has emerged as a significant exporter, which has helped the Indian economy soar to new heights. Overall India’s exports in November 2023 were estimated at USD 62.58 billion – a 1.23% increase from the previous year.
Petroleum goods, sugar and basmati rice are some of the major product categories that have shown an increase in value and volume terms. The USA, United Arab Emirates, Netherlands, China, and Saudi Arabia round up the top five export destinations. Make sure you’re ready for e-invoicing as it is made mandatory for GST registered businesses with an annual turnover of Rs 10 crore and above in India. Additionally, be aware of the tax include income tax and payment of integrated tax.
Recent updates
The government is considering reducing or completely removing the GST on health and life insurance, which is currently set at 18%. While a full exemption is under discussion, insurance companies have proposed lowering the rate to 12%, allowing them to continue claiming tax credits on their operational expenses.
The government is working to simplify the Goods and Services Tax (GST) following the revision of income tax slabs in the Union Budget 2025-26. Among the proposed changes is the elimination of the 12% GST slab. Currently, the average GST rate has decreased from 15.8% to 11.3%, with no tax hikes on any items.
India’s GST framework currently includes multiple slabs—0%, 5%, 12%, 18%, and 28%— along with an additional cess on sin and luxury goods. This complex structure has led to inconsistencies, such as varying tax rates on everyday food items, which complicate compliance and pose challenges for businesses. To address these issues, the government is also exploring additional safeguards to improve the efficiency and fairness of the GST system.
Corporate India is seeking tax reforms, lower GST rates, regulatory updates, and anticipating various capex allocation announcements in the Union Budget 2025. A potential reduction in GST could lower operational costs and foster business growth.
Effective 1 November 2024, if you are a GST-registered taxpayer and applying for a conditional waiver of interest and penalties, you must adhere to the rules and procedures outlined in Section 128A. You can submit an electronic application using the appropriate forms within three or six months, depending on your specific circumstances. It is essential to provide accurate details and select the correct forms to prevent your application from being rejected. Please note that you are required to pay full tax amount before completing any forms for interest and penalty waivers. For the latest news, please visit www.gst.gov.in.
The Engineering Export Promotion Council (EEPC) has proposed the introduction of a faceless GST audit system. This proposal is expected to be included in the upcoming Budget 2025. By implementing this system, MSMEs can reduce compliance costs, fostering their growth and innovation.
Export of Goods and Services
You should be aware of the business tax structure, including Goods and Services Tax (GST).
Introduced in 2017, the Indian GST is a unified national tax system intended to create a one-market environment. The GST replaces several indirect taxes (apart from customs duties), such as the Value-Added Tax (VAT), excise duty, etc., and there is just one tax that is applied to the supply of goods and services.
The Indian government aims to increase its quantity and quality of exports, which is outlined in the “Make in India” programme and the numerous tax breaks offered to exporters.
Under the GST rules, exports are recognised as a zero-rated supply, including shipments to special economic zones (SEZ) units and developers. This means GST will not be levied on the outbound supply of any services or goods – and exporters can claim an input tax credit for the product shipped.
The following steps are included in the process for exporting goods or services under the tax regime for distinct persons:
Obtain a valid GST registration via the GST portal.
File an application for a shipping bill for export.
Indicate exports on GST returns: Exports in the GST returns must be declared by filing the GSTR-1 form of a tax-period.
Pay the IGST and request a reimbursement: The IGST on the shipments must be paid by the exporter before requesting a refund of IGST. This can be done by submitting either the RFD-01 or GSTR-3B form.
Generate an E-way bill for goods being exported: This document lists the quantity, value and destination of the goods being exported.
Treatment of exports under GST: how will it be levied?
Export of goods or services are considered zero-rated supplies, meaning they are exempt from taxation at either the input or final product stage. This indicates that no goods and services cess will be added to the sale price of goods and services intended for export. Under the Indian GST law, the supply of goods or services from one state to another is classified as interstate supply – on which the Integrated Goods and Services Tax (IGST) is applied. For tax liability, service recipient would be liable to pay IGST under reverse charge.
Features of export under GST scheme
The goods and services can be supplied to outside India either on payment of IGST (Integrated Goods and Services Tax), claimable as refund after the goods have been exported, or under Bond or Letter of Undertaking (LUT) without payment of IGST.
For goods and services that are shipped outside India under LUT, businesses can validate refund of accumulated ITC on account of export.
The shipping bill filed with Customs is considered an application to be refunded for payment of IGST and shall be deemed to have been filed after submission of the export general manifest and provision of a valid return in Form GSTR-3 by the applicant.
Place of supply of goods in case of export of goods
The place of supply of goods is the place where the commodities are exported (a country outside India).
The place of supply of services not leviable to tax under the CGST Act must match the place where the services are provided. If the location of the recipient isn’t readily available, then the location of supply can be the location of the provider of goods or services.
Deemed exports
Deemed exports are transactions whereby goods supplied don’t exit the country, and payment for such service is either received in convertible foreign trade, exchange or Indian Rupees.
The following types of supply of goods or services would be regarded as exports under GST:
Goods supplied by a registered person against Advance Authorisation;
Supply is given to an export-oriented undertaking (EOU) or Hardware Technology Park unit, Software Technology Park unit, Biotechnology Park unit;
Provision of capital goods by a registered person against Export Promotion Capital Goods Authorisation;
Sale of gold by a bank or Public Sector Undertaking against Advance Authorisation in accordance with Customs legislation;
The general processes outlined for export under GST must be followed when filing returns for the deemed export.
Claiming refunds on exports
In addition to paying customs duties, you might also have to pay GST. The good news is that you may be able to recover part of your payment of tax.
Previously the tax paid on inputs for the export of exempt items was eligible for a duty drawback, however with a complicated refund process.
To clear any ambiguity regarding the reimbursement of tax paid on exports, the Indian government provided a guidance note to clarify claiming input tax credits on zero-rated supplies.
The below are the points you should take into account when considering a refund application for zero-rated supplies:
Export of goods and services without payment of IGST: A business may claim refund for the input tax credit that was not used. Refunds are normally provided within a fortnight if they are requested for duties already paid. For products exported outside of India, the exporter submits the shipping bill. The export report or manifest with the date and number of the shipping bills must be filed by the exporter, the Custom House Agent, or whoever oversees the shipment before the presumed application will be regarded as having been submitted. Note that exports to SEZ are zero-rated in GST.
Export of goods and services with payment of IGST: The tax paid on such exports may be claimed back by the exporter. The exporter submits a separate online application in the form of RFD-01 for refund claims made for input credits and refund claims made without the payment of IGST. To manually submit the application to GST officials, a paper copy must be accompanied by the necessary supporting documentation to include GSTIN and IGST in the shipping bill formats. In this instance, the refund is granted after reviewing the submitted paperwork.
You should also note that the refund application should be submitted no later than two years following the financial year in which the refund claim was made.
Documents required for refund application
Here are the documents required for claiming a refund in the refund application:
Copy of return showing that taxes have been paid
Copy of invoice
Documentation demonstrating that the cost of paying taxes has not been passed on (CA certification or self-certification)
Any additional documentation that the government may request for
Process for claiming a GST refund
Step 1: To start the GST return process, forward your GST refund application to the proper officer with all the above mentioned documents. It’s important to include a statement specifying the date and number of invoices and the Bank Realization Certificates or, Foreign Inward Remittance Certificates. Within three days of filing your GST refund, the officer shall issue an acknowledgment, in Form GST RFD-02.
Step 2: Within seven days of receiving the application, the officer must issue an order in Form GST RFD-04, approving the GST refund amount on a provisional basis.
Step 3: Under Form GST RFD-05, the officer will issue payment advice that will be electronically credited to your bank account specified in the application. At this point, 90% of the money has been credited.
Step 4: Following a review of the documents, the final 10% of the sum is due (all physical documents will be verified with the available online data in the GST portal). If all the documents are deemed to be in order using the online information accessible in the GST site, Form GST RFD-06 will be issued authorising the payment of the remaining 10%.
Mandatory GST e-invoicing in India
The government of India is giving its citizens more access to technology and the digital world. The Indian government hopes to empower the nation by making crucial online infrastructure accessible to all stakeholders through its flagship initiative, “Digital India.”
The Indian government introduced an electronic invoicing (e-invoice) system under GST for business or B2B transactions.
Final thoughts
Since the GST is more effective, efficient, transparent, and business-friendly, this tax system spurs economic growth and raise international competitiveness – the latter should be your main consideration if exporting is on the table.
Under the GST regime, starting a new business and then growing it will be relatively simpler. Overall, the GST streamlines the tax filing and payment process and provides zero-rated tax benefits and incentives. To mitigate the potential challenges of GST on your exporting business, it is crucial that you remain proactive and closely observe your GST compliance steps in advance.