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Parliamentary Replies
Breakdown by Range of Total Profit Before Tax and Corporate Tax Paid by Companies from 2018 to 2022
Topics
Tax-Related (Corporate Tax)
Tax-Related (Others)
3 October 2022
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Parliamentary Question by Ms Hazel Poa:
To ask the Deputy Prime Minister and Minister for Finance in each of the years from 2018 to 2022, what is the total profit before tax and corporate tax paid by companies with (i) up to $10,000 (ii) from $10,000 to $200,000 (iii) from $200,000 to $1 million (iv) from $1 million to $10 million (v) from $10 million to $100 million (vi) from $100 million to $1 billion and (vii) more than $1 billion, in profits respectively.
Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Lawrence Wong:
Table 1a shows the requested information for the total accounting profit before tax (PBT) by companies in the respective PBT brackets. The information is based on companies assessed by IRAS in each YA. Information for YA 2022 is not yet available.
Table 1a: Statistics for total accounting profit before tax and before tax adjustments (YA 2018 – YA 2021) *
YA 2018 | YA 2019 | YA 2020 | YA 2021 | |
|---|---|---|---|---|
PBT | Total PBT | Total PBT | Total PBT | Total PBT |
>$0 - $10,000 | 74 | 82 | 89 | 87 |
>$10,000 - $200,000 | 3,389 | 3,513 | 3,607 | 3,649 |
>$200,000 - $1mil | 8,027 | 8,049 | 7,972 | 8,101 |
>$1mil - $10mil | 29,340 | 29,561 | 29,742 | 28,909 |
>$10mil - $100mil | 80,977 | 82,322 | 87,499 | 73,626 |
>$100mil - $1bil | 161,960 | 161,651 | 169,029 | 135,176 |
>$1bil | 191,538 | 324,295 | 187,445 | 278,968 |
* This excludes companies for which revenue or PBT figures are not available.
Table 1b shows the total corporate income tax (CIT) paid by companies in the respective PBT brackets.
Table 1b: Statistics for total CIT paid (YA 2018 – YA 2021) *
YA 2018 | YA 2019 | YA 2020 | YA 2021 | |
|---|---|---|---|---|
PBT | Total CIT paid | Total CIT paid | Total CIT paid | Total CIT paid |
>$0 - $10,000 | 4 | 7 | 7 | 6 |
>$10,000 - $200,000 | 125 | 172 | 204 | 200 |
>$200,000 - $1mil | 535 | 673 | 714 | 738 |
>$1mil - $10mil | 2,463 | 2,754 | 2,725 | 2,613 |
>$10mil - $100mil | 4,512 | 4,373 | 4,459 | 3,357 |
>$100mil - $1bil | 5,210 | 5,157 | 4,839 | 2,410 |
>$1bil | 2,237 | 3,037 | 2,109 | 1,333 |
* This excludes companies for which revenue or PBT figures are not available.
The member may be asking for the above data to compute the effective tax rates (ETR) for companies. But to compute the ETR, we use the chargeable income before group relief, loss carry back, partial tax exemption and start-up tax exemption, and not their accounting PBT. As mentioned before in this House, the average ETR for SMEs (i.e. companies with turnover of up to S$100 million) was 3.4% for YA 2010 and 2.8% for YA 2019. The average ETR for non-SMEs (i.e. companies with turnover exceeding S$100 million) was about 8% to 10% over the same period.