Singapore is well-known for providing a variety of tax incentives for different types of companies and industries. The primary purpose of such incentives is to enhance the economic and technological development of the country. The good thing about the Singapore tax incentives is that they are not limited to any one particular sector. Instead, such incentives cover a broad range of industries like manufacturing, shipping, and many more.
The tax incentives are provided in the form of complete exemption from the tax or a significant reduction in the tax rates. The eligibility of these incentives is highly dependent on the nature and working of the company. Companies that are applying for tax incentives in Singapore must go through an extensive process of making sure they meet the legal requirements and rules set by ACRA, IRAS, EDB, Enterprise Singapore or other government bodies.
Although each type of tax incentive has its own criteria and method of approval, you should keep in mind that generally, applicants are required to perform high-value activities in Singapore and commit to the betterment of the local economy.
Following are some of the major tax incentives for Singaporean companies: