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Corporate Tax
The income tax of a company is based on the principle that a company must pay taxes on the profits it has earned in the previous year. This means that income earned in the current year will be taxed in the following year.
Basics of Corporate Tax
Companies are taxed at a flat rate of 17% on chargeable income, earned during the previous year, assessed during the Year of Assessment (YA). Chargeable income is the taxable income after deducting tax-allowable expenses.
Corporate Tax Schemes
Corporate Tax Schemes include income tax rebates for companies, with eligibility varying based on factors like residency and withholding taxes. Additionally, there are schemes for start-up companies and partial tax exemptions for eligible entities.
Estimated Chargeable Income
ECI, an estimate of taxable profits after deducting expenses, must be filed within 3 months of the financial year-end. Certain criteria exempt companies from ECI filing, including revenue below $5 million and a zero ECI amount.