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Singapore: Attractive Business Taxation

Singapore: Attractive Business Taxation

28. 08. 2023

Singapore is considered one of the most favorable jurisdictions in the world regarding business taxation.

Singapore boasts a stable political system and a well-developed market economy, with one of the highest GDP per capita in the world. The government actively supports entrepreneurship and attracts investments. Singapore consistently ranks high in economic freedom indices.

Low Tax Rates

The corporate tax rate in Singapore is 17%. In comparison, neighboring countries have considerably higher rates: Malaysia - 24%, Thailand and Vietnam - 20%.

Singapore's current Goods and Services Tax (GST) rate is 7%, making it one of the lowest GST rates globally. In comparison, other ASEAN countries have the following GST rates: Vietnam - 10%, Malaysia - 6%, Thailand - 7%, Indonesia - 10%.

Additionally, Singapore provides various tax incentives to support different industries and types of businesses. For instance, there are tax credit programs for research and development, tax benefits for startups, and much more.

Double Taxation Agreements

Singapore actively enters into agreements with numerous countries to avoid double taxation. These agreements help companies to avoid double taxation. Singapore established clear rules for determining the tax jurisdiction for different types of income.

Simple Administrative Procedures

Company registration and tax declaration procedures in Singapore are relatively straightforward and effective. Electronic submission of documents and online services streamline the entire process, making it exceptionally swift and convenient.

A stable economy, efficient taxation, and simplified administrative procedures make Singapore one of the most preferred locations for business development. Therefore, many international companies choose Singapore as their regional headquarters. If you're considering opening a company in Singapore, contact with the experts at IT-OFFSHORE.

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