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Singapore’s Corporate Income Tax rate is 17%. Companies may enjoy tax rebates and tax exemption schemes e.g. for new start-up companies.
- Eligible SMEs Will Receive $1,000 Payout For Each Local Employee
- Sole Proprietors and Partnerships Will Receive A Flat $1,000 Payout
- The Eligibility Period Is Aligned to Support SMEs in Affected Sectors
- Only Small and Medium Enterprises (Smes) in Selected Sectors Are Eligible
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Small and medium enterprises that meet the qualifying criteria would receive $1,000 for each local (Singapore Citizen or Permanent Resident) employee with mandatory CPF contributions in the period of 1 November 2021 and 31 December 2021. This is capped at $10,000 per company. Employees in a company who are also shareholders and directors of the com...
Sole proprietorships and partnerships are not considered employees. However, they are eligible for a flat payout of $1,000, if they are run by a Singapore Citizen or Permanent Resident, not hiring any local employees and earning a net trade income of no more than S$100,000 filed with IRAS in the Year of Assessment 2021 by 31 December 2021. Partners...
As the intention of the grant is to support small businesses in sectors that were most affected by COVID-19 Safe Management Measures, the eligibility period is aligned to the last tranche of payouts for the Jobs Support Scheme (JSS) for November 2021 – December 2021. Likewise, the sectors that qualify for the Small Business Recovery Grant (SBRG) ar...
To qualify for the Small Business Recovery Grant, the business must be: 1. A ‘live’ business entity that is physically present in Singapore and registered no later than 31 December 2021. 2. Have an annual operating revenue of less than $100 million filed with IRAS in the Year of Assessment 2021 by 31 December 2021 or employ fewer than 200 employees...
Be part of the Singapore Green Plan 2030 and achieve your business’ sustainability goals. Fund your green initiatives today with the OCBC SME Sustainable Financing Framework.
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In lieu of tax deductions and/ or allowances, eligible businesses may opt to convert up to $100,000 of the total qualifying expenditure across all the qualifying activities for each YA into cash at a conversion rate of 20%. The cash payout is capped at $20,000 per YA and is not taxable.
Jan 1, 2023 · What is it? The Enhanced Training Support for SMEs (ETSS) offers additional support for SMEs in the form of higher course fee subsidies. SMEs can receive SkillsFuture funding, of up to 90% of the course fees when they sponsor their employees to attend SSG supported courses. Eligibility Criteria. Funding Support Available. Application.
Market Readiness Assistance (MRA) Grant. SMEs looking to take their business overseas can receive up to 70% support for eligible costs with the MRA grant from 1 April 2020 - 31 March 2023. Find Out More. Partnerships for Capability Transformation.
Feb 16, 2024 · SINGAPORE – Companies will receive a 50 per cent corporate income tax rebate, capped at $40,000, in the year of assessment 2024. This is part of a $1.3 billion package to help companies manage...
Feb 16, 2024 · Called the Enterprise Support Package, it comprises a corporate income tax rebate; enhancements to the Enterprise Financing Scheme (EFS); and an extension of the SkillsFuture Enterprise Credit. Companies will receive a 50 per cent corporate income tax rebate capped at S$40,000, in the year of assessment 2024.
