The current corporate tax rate in Singapore is 17%. However, through various tax credits and incentives, the first SGD 200,000 of taxable income is taxed at a reduced rate of 8.5%.

The Goods and Services Tax (GST) rate in Singapore is 7%. GST, which is similar to Value Added Tax (VAT), applies to all companies with expected annual revenues of SGD 1 million or more. These companies are required to register for GST with the IRS to collect and/or claim GST on sales, purchases, or services rendered.

Withholding tax is applicable when a Singapore company makes payments to foreign entities or individuals for services or work performed. The withholding tax rate varies depending on the type of service or work involved.