Page 5 - Budget-2019-Highlights-en - (For Flip Book)

CORPORATIONS
AND BUSINESSES

Corporate Income Tax Rate and Rebate Start-up Tax Exemption Scheme

Current Current
The current corporate income tax rate is 17% and A new company can qualify for the following start-
companies can qualify for a corporate income tax up tax exemption in each of the first three years of
rebate of 20% of tax payable, capped at $10,000 for assessment, subject to meeting conditions:
YA 2019.
YA 2019 and prior
Comments  100% exemption on the first $100,000 of
There is no change to the corporate income tax rate.
No further corporate income tax rebate was normal chargeable income; and
announced for YA 2020.  50% exemption on the next $200,000 of

Partial Tax Exemption Scheme normal chargeable income.

Current From YA 2020
Under the Partial Tax Exemption Scheme, all  75% exemption on the first $100,000 of normal
companies (excluding those that qualify for the
Start-up Tax Exemption Scheme) and bodies of chargeable income; and
persons can qualify for the following partial tax  50% exemption on the next $100,000 of normal
exemption in each YA:
chargeable income.
YA 2019 and prior
 75% exemption on the first $10,000 of normal Comments
There are no further changes to the above, which
chargeable income; and were previously announced in Budget 2018.
 50% exemption on the next $290,000 of

normal chargeable income.

From YA 2020
 75% exemption on the first $10,000 of normal

chargeable income; and
 50% exemption on the next $190,000 of normal

chargeable income.

Comments
There are no further changes to the above, which
were previously announced in Budget 2018.

BUDGET 2019 HIGHLIGHTS | 3