Grants for Smaller Financial Institutions
Tap on grants for different stages of your companies'
Depending on your needs, you can tap on the following grants and services:
Besides grants, smaller financial institutions can also tap on IRAS’ tax exemption schemes and other tax reliefs that can help reduce their tax bills in a particular Year of Assessment (YA).
Tax Schemes to Lower Tax Payable
Start-up companies are given tax exemption for the first three consecutive YAs which includes:
- 75% exemption for the first $100,000 of normal chargeable income
- A further 50% exemption on the next $100,000 of normal chargeable income
- 75% exemption for first $10,000 of normal chargeable income
- A further 50% exemption on the next $190,000 of normal chargeable income
All companies are also given corporate income tax rebate which includes 25% corporate income tax rebate on final tax payable for YA 2020 (capped at $15,000).
Carry Forward Losses to Reduce Tax Payable
Unutilised trade losses can be carried forward indefinitely for set-off against future years’ taxable income which reduces tax payable.
Financial Sector Tax Incentive Schemes
Additional tax incentives are available for financial institutions with plans to establish or expand their operations in Singapore.