Italy vs Singapore

24

17

By the end of the 10th month after the end of the tax year.

November 30

The last day of the sixth month after the end of the tax year.

Tax is payable within one month from the date of the Notice of Assessment.

Advance payment: 1) Pay 40% on the last day of the sixth month after the end of the tax year, 2) Pay 60% at the end of the eleventh month after the end of the tax year. Taxpayers subject to the ISA reliability indices pay 50% in each instalment.

The estimated income tax assessment must be submitted within three months after the end of the company's fiscal year. The estimated tax should be paid within one month after receiving the assessment notice, or paid in installments according to the installment payment plan. No estimated chargeable income (ECI) needs to be filed for a year of assessment when the company's annual revenue for the financial year is S$5,000,000 or below and its ECI is nil (the IRAS ECI filing waiver).

0-26/0-26/0-20

26/26/30

0/15/10

22

9

Capital gains are subject to the normal corporate income tax rate. A gain on a shareholding realised by a company is exempt as to 95% of its amount where four cumulative conditions are met: uninterrupted possession from the first day of the twelfth month before the disposal; classification among financial fixed assets in the first balance sheet closed during the holding period; the participated company not being resident or located in a preferential tax regime, that condition holding uninterruptedly for the period the statute requires; and the participated company carrying on a commercial enterprise, which is conclusively presumed absent where its assets consist mainly of property not used in its own business, and which must have been satisfied from the beginning of the third tax period before the disposal. The remaining 5% of the gain is taxed as business income.

21.18%

16.09%

-22.74%

13.15%