Corporate Tax in Singapore: Essential Guide for Businesses

Did you know that Singapore offers one of the world’s lowest corporate tax rates at just 17%? It’s no wonder entrepreneurs from across the globe are choosing to incorporate here.

But navigating corporate tax, especially for first-time founders or small business owners, can feel overwhelming. This guide simplifies everything you need to know — from rates and exemptions to filing deadlines and deduction tips — so you can manage your tax obligations with clarity and confidence.

Who Qualifies as a Small Business in Singapore?

The IRAS considers a company a small business if it earns less than SGD 10 million in annual revenue.

This definition isn’t just a label. It can determine:

• Whether you qualify for simplified tax forms

• Your eligibility for exemptions (like SUTE and PTE)

• Whether you’re required to register for GST

What Is the Corporate Tax Rate in Singapore in 2025?

Singapore’s flat corporate tax rate of 17% remains unchanged in 2025 — a key reason why many businesses incorporate here.

This tax applies to chargeable income, which is your company’s revenue minus deductible business expenses. What makes Singapore even more appealing is its wide range of exemptions and tax reliefs, especially for small and newly established businesses.

Key Tax Incentives for Small Businesses

• Start-Up Tax Exemption (SUTE): First 3 years of assessment can qualify for up to 75% exemption on the first SGD 100,000 of chargeable income.

• Partial Tax Exemption (PTE): For businesses beyond the start-up phase, offering tiered exemptions on the first SGD 200,000 of income.

For the latest information on Singapore’s corporate tax rate, refer to the official Inland Revenue Authority of Singapore (IRAS) website.

Step-by-Step Guide to Filing Your Corporate Tax Singapore

Understanding the filing process is key to avoiding penalties. Here’s a breakdown of how to stay compliant:

1. Submit Your Estimated Chargeable Income (ECI)

You must file your Estimated Chargeable Income (ECI) with IRAS within three months from the end of your financial year. If your annual revenue is under SGD 5 million and your ECI is nil, you may be exempted from this requirement.

Visit the IRAS ECI submission page for full guidelines.

2. File Form C-S, C-S (Lite), or C

Every company must file an annual tax return using one of these forms:

• Form C-S (Lite): For small businesses with straightforward financials and annual revenue below SGD 200,000.

• Form C-S: For companies with revenue under SGD 5 million.

• Form C: For larger or more complex businesses.

To learn which form your company qualifies for, refer to IRAS’ guide on corporate income tax filing.

3. File Online via myTax Portal

All corporate tax filings must be submitted through IRAS’ myTax Portal. Make sure you have an active CorpPass to log in and access your company’s profile.

Smart Tips for Filing Corporate Tax in Singapore

Filing corporate tax in Singapore doesn’t need to be stressful. With the right approach and support, you can simplify the process and stay fully compliant. Here are practical tips to help your small business stay on track:

✅ 1. Stay Organised Year-Round

Set up a structured record-keeping system from the start. Maintain clear documentation for all income, expenses, and deductions. Organised records will save time during tax season and reduce the risk of filing errors.

✅ 2. Embrace Accounting Technology

Use cloud-based accounting software to automate bookkeeping, generate financial reports, and track deductible expenses. Tools like Xero, QuickBooks, or Grof’s accounting platform reduce manual effort and improve accuracy.

✅ 3. Work with a Tax Professional

If tax filing feels overwhelming, consider outsourcing it to an expert. Engaging accounting services for small businesses in Singapore ensures that your filings are accurate, on time, and fully compliant with IRAS requirements.

Tax professionals do more than just prepare forms — they help you spot opportunities for tax savings, avoid penalties, and plan ahead strategically.

✅ 4. Attend Tax Workshops or Webinars

Stay informed by joining webinars or training sessions hosted by reputable accounting firms. These events often cover IRAS updates, best practices, and real-world filing examples that can help you make smarter tax decisions.

💬 Client Story: How Grof Helped Jomo Studio End Tax Stress

“When we relied on freelance accountants, it was chaotic — new faces every few months, no continuity, and poor data security. Since moving to Grof, everything changed. The team ensures our numbers are well-attended and taxes filed on time. I finally feel secure and can focus on what really matters — growing my business.”
— Founder, Jomo Studio
👉 Read Full Story

Common Tax Deductions for Small Businesses

Taking advantage of deductions helps reduce your chargeable income. Common deductible expenses include:

• Employee salaries and CPF contributions

• Business travel and vehicle costs

• Office rent, utilities, and maintenance

• Professional services (e.g., legal, accounting)

• Software subscriptions and equipment depreciation

Always keep complete and accurate records to support your claims.

If you’re unsure about what qualifies, Grof’s accounting services can help you maximise deductions while staying compliant.

Avoiding Corporate Tax Penalties

Missing deadlines or submitting inaccurate returns can be costly. Here’s what happens if you don’t comply:

• A 5% late payment penalty, followed by an additional 1% penalty per month, up to 12%.

• Increased risk of IRAS audits.

• Legal action in cases of severe non-compliance.

For more information, review IRAS’ page on enforcement actions and penalties.

Conclusion: File Smart, Stay Compliant, Grow Confidently

Corporate tax may seem complicated at first, but with the right guidance, it becomes just another business process. By understanding your obligations, maximising deductions, and filing on time, you’ll avoid penalties and gain financial clarity.

Let Grof take the burden off your shoulders — from accurate bookkeeping to seamless corporate tax filing, we help you stay compliant and confident all year round.

👉 Talk to Grof’s experts today and experience tax clarity, not chaos.