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Singapore corporate income tax is a flat 17% of a company’s chargeable income. This is already one of the lowest and most competitive corporate income tax rates in the world. Nevertheless, there are still ways to further reduce your corporate income tax.
Tax Exemption Scheme For New Start-Up Companies
Introduced in YA 2005 to support entrepreneurship and help new local companies grow, the tax exemption scheme provides tax savings for new companies in your first 3 consecutive Year of assessments (YA).
From YA 2020 onwards, new start-ups are given 75% exemption on the first $100,000 of their chargeable income, and a further 50% exemption on their next $100,000 of chargeable income. Here’s how your new start-up may save on corporate income tax:
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LUCKNOW: Despite the prolonged lockdown in the wake of Covid-19, 773 startups began their operations in the state in the past one year. The total number of start-ups which have come up in the state in the past three years is now 3,406.
Additional chief secretary (IT and Electronics) Alok Kumar said that the development took place despite the Covid-19 pandemic, adding that seven proposals for establishment of incubators had been approved in the current month under new Startup Policy-2020.
These include first incubator in Bundelkhand, in Rajkiya Engineering College in Banda, Atal Incubation Center in BHU Varanasi, NASSCOM 10,000 Startup Warehouse in Noida, Jaipuria Incubator and Maharshi Center for Entrepreneur Development in Lucknow, Startup Launchpad in GLA University Mathura and in Krishna Engineering College, Ghaziabad.
Representative image
LUCKNOW: Despite the prolonged lockdown in the wake of Covid-19, 773 startups began their operations in the state in the past one year. The total number of start-ups which have come up in the state in the past three years is now 3,406.
Additional chief secretary (IT and Electronics) Alok Kumar said that the development took place despite the Covid-19 pandemic, adding that seven proposals for establishment of incubators had been approved in the current month under new Startup Policy-2020.
These include first incubator in Bundelkhand, in Rajkiya Engineering College in Banda, Atal Incubation Center in BHU Varanasi, NASSCOM 10,000 Startup Warehouse in Noida, Jaipuria Incubator and Maharshi Center for Entrepreneur Development in Lucknow, Startup Launchpad in GLA University Mathura and in Krishna Engineering College, Ghaziabad.
Despite nCoV crisis, over 750 startups set up in UP in past one year
Lucknow, Dec 23 (UNI)The exceptional improvement in ease of doing business in Uttar Pradesh has led to a positive impact on the startup sector also.
With the continuous rise in the number of startups in the state, 3406 startups, recognized by Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, have been established in Uttar Pradesh during the last three years.
Referring to the best startup ecosystem being developed in the state as a result of efficient implementation of IT and Startup Policy-2017 and New Startup Policy-2020, Deputy Chief Minister and Minister of IT and Electronics, Dr. Dinesh Sharma said here on Wednesday that the state government was developing a world-class startup ecosystem in the state through a strong infrastructure and favorable policy environment.