A Singapore company pays corporate income tax at a flat 17 percent on chargeable income, and must register for GST once taxable turnover passes 1 million Singapore dollars, with GST charged at 9 percent. Companies file with IRAS and keep records, while the bank account itself supports tax payments through GIRO and PayNow. This is general information, not tax advice. As of 22 April 2026.
- Corporate income tax
- A flat 17 percent on chargeable income, filed with IRAS. As of 22 April 2026.
- GST registration
- Required once taxable turnover passes 1 million Singapore dollars, charged at 9 percent. As of 22 April 2026.
- Paying tax
- GIRO and PayNow against your Unique Entity Number support tax payment from the account. As of 22 April 2026.
- Always
- Confirm your position with IRAS or a qualified tax professional.
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
The main taxes for a Singapore company
The two taxes most businesses meet are corporate income tax and GST. Corporate income tax is charged at a flat 17 percent on chargeable income and is filed with IRAS each year, though various reliefs and rebates can reduce the amount actually paid. GST is a tax on the supply of goods and services, charged at 9 percent, and a company collects it from customers and accounts for it to IRAS once it is registered. How these apply to a particular company depends on its profits, its activity, and its turnover, so the figures here are the headline rules rather than your result. As of 22 April 2026.
When you must register for GST
GST registration becomes compulsory once taxable turnover exceeds 1 million Singapore dollars. This applies on a retrospective basis, when turnover in the past calendar year passed 1 million Singapore dollars, and on a prospective basis, when you reasonably expect turnover to pass 1 million Singapore dollars in the next 12 months. A company below the threshold can register voluntarily in some cases. Once registered, you charge GST at 9 percent, file GST returns, and can generally claim input tax on business purchases. As of 22 April 2026. Confirm your registration position with IRAS.
How the bank account fits in
The account itself does not change your tax, but it supports compliance. You can pay corporate income tax and GST to IRAS through GIRO, which lets IRAS debit the account on schedule, or through PayNow against your Unique Entity Number. Keeping business and personal money separate and holding a clean transaction record makes filing and any audit simpler. Some companies set aside tax in a separate balance or pot so the money is ready when it is due. As of 22 April 2026. Confirm the payment options with IRAS and the provider.
Compliance points to keep in view
These sit alongside the bank account for most companies. The detail varies by business. Verify with IRAS or a qualified professional
- Corporate income tax at a flat 17 percent on chargeable income, filed with IRAS each year.
- GST registration once taxable turnover passes 1 million Singapore dollars, then GST at 9 percent and regular returns.
- Clean record keeping, with business and personal money kept separate, for filing and any audit.
How to stay on top of tax and compliance
- Track taxable turnover so you register for GST in time once it passes 1 million Singapore dollars.
- Use GIRO or PayNow against your Unique Entity Number to pay corporate income tax and GST to IRAS.
- Keep business and personal money separate and confirm your own position with IRAS or a qualified tax professional.
Compare business accounts available in Singapore
These providers accept business customers in Singapore. Fees and eligibility shown as of 22 April 2026. Confirm current terms with the provider before applying.
Compare business accounts →Questions about tax and compliance in Singapore
What is the corporate tax rate in Singapore?
When does a business have to register for GST?
Can I pay tax from my business account?
Does the choice of bank affect my tax?
Fees, features, and eligibility change and vary by region. This page was last reviewed on 22 April 2026. Confirm current terms with the provider before applying.