Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 157

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 157
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 its website located at https://www.iras.gov.sg/taxes/corporate-income-tax/basics-of-corporate-income-tax/tax-residency-of-a-company-certificate-of-residence (last accessed: March 3, 2025) as the making of decisions on strategic matters, such as those concerning the company’s policy and strategy. Generally, the location of the company’s board of directors meetings where strategic decisions are made determines where the control and management is exercised. Therefore if the board of directors meets and conducts the company’s business in Singapore, the company is likely to be regarded as tax resident in Singapore. Furthermore, a board of directors meeting which involves the use of virtual meeting technology will generally be regarded as having strategic decisions made in Singapore if either of the following conditions is met: (a) at least 50% of the directors (with the authority to make strategic decisions) are physically present in Singapore during the meetings; or (b) the chairman of the board of directors (if the company has such an appointment) is physically present in Singapore during the meeting.

The corporate income tax rate in Singapore is 17.0%. For Years of Assessment 2008 or 2010 (as the case may be) to 2019, a company is eligible for partial tax exemption on the first SGD300,000 of the company’s chargeable income as follows:

| ● | 75.0%                                                                
 of up to the first SGD10,000 of the company’s chargeable income; and |
| ● | 50.0%                                                                
 of up to the next SGD290,000 of the company’s chargeable income,     |

is exempt from corporate income tax.

It was announced in the 2018 Budget that with effect from Year of Assessment 2020, the partial tax exemption scheme will be limited to the first SGD200,000 (instead of SGD300,000) of a company’s normal chargeable income –75.0% of the first SGD10,000 and 50.0% of the next SGD190,000 of the company’s chargeable income, is exempt from corporate income tax.

Further, for Years of Assessment 2008 to 2019, new start-up companies will, subject to certain conditions, be eligible for full tax exemption on their normal chargeable income of up to SGD100,000 and 50.0% tax exemption on up to the next SGD200,000 of normal chargeable income in each of the company’s first three consecutive years of