Singapore at a glance – April 2024

These emails are designed for those investing into Singapore and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

April 2024

  1. There are four official languages in Singapore; English, Malay, Mandarin, and Tamil. They represent the four main ethnic origins of the population of Singapore.
  2. The most followed religion in Singapore is Buddhism.
  3. Following the Budget 2024 announcement, all taxpaying companies will be granted a Corporate Income Tax Rebate of 50% (capped at SGD 40,000).
  4. Following the Budget 2024 announcement, a personal tax rebate of 50% of tax payable, capped at SGD 200 will be granted to all tax residents for the Year of Assessment 2024. 
  5. The Inland Revenue Authority of Singapore (IRAS) requires a company to retain its records for at least 5 years from the relevant Year of Assessment.
  6. Singapore had a population of approximately 5.92 million people in 2023, and a land area of only 734.3 square kilometres.  
  7. Singapore pioneered the first Formula One night race, held annually since 2008.
  8. In Singapore, each private and public company must appoint a corporate secretary. The role of the corporate secretary must not be left vacant for more than six months following the incorporation of the company.
  9. In Singapore, the requirement for a company to be audited is based on the “small company” concept. The group’s annual revenue, annual total assets and annual number of employees are relevant.  
  10. The Year of Assessment in Singapore is the year following the calendar year in which the income is earned.   

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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