From YA 2017, need to meet all of the following conditions:
- company must be incorporated in Singapore;
- annual revenue* ≤ $5 million;
- The company derives only income taxable at 17%**;
- The company is not claiming any of the following in the YA:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
*Revenue refers to the main income source of the company excluding separate source income, such as interest.
**Company must not derive tax-exempt income (except for 1-tier exempt Singapore dividends) or income taxable at concessionary tax rates (e.g. Section 13A shipping income, income under pioneer incentive).
Exempt income does not refer to Tax Exemption for New Start-up Companies and Partial Tax Exemption.