It's the 10th lowest in the world.
According to KPMG, the pace of Corporate Tax Rates reduction has slowed in recent years, suggesting that many countries believe they have achieved targeted rates and that steeper reductions would only have nominal effects on their competitiveness.
In Asia, the average corporate income tax rate fell by 0.21 percent to 22.89 percent. Singapore’s corporate tax rate of 17 percent is currently the tenth lowest among the countries surveyed.
The corporate tax rate is 17 percent. There is a partial exemption of 75 percent on the first SGD10,000 and 50 percent on the next SGD290,000 of the company’s
Full tax exemption can be granted on the regular income of a qualifying company up to SGD100,000, for any of its first three consecutive years of assessment.
A 50 percent partial tax exemption applies to the next SGD200,000. A concessionary tax rate of 10 percent or lower applies to qualified entities.
The standard rate of GST is 7 percent. There is a reduced rate of 0 percent which generally applies to export of goods and international services. Supplies of certain financial services and sale or lease of residential properties are exempt from GST.
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