The corporate income tax rate is 17% with a partial exemption of 75% on the first SGD 10,000 and 50% on the next SGD 190,000 (reduced from SGD 290,000 effective from year of assessment 2020) of the company's chargeable income. Qualifying new companies will be eligible for exemption of 75% (reduced from 100% effective from year of assessment 2020) on the first SGD 100,000 and 50% on the following SGD 100,000 (reduced from SGD 200,000 effective from year of assessment 2020) each year for the first 3 years of assessment falling in or after the year of assessment 2020.