No. If during any of the first three tax years, your company incurs losses or it has no income (e.g. business has not commenced), your chargeable income and tax payable will be nil. In this case, since there is no chargeable income, your company cannot enjoy the benefit given under the tax exemption scheme for new start-up companies for that particular tax year. However, that particular tax year will still be included in determining the first three consecutive tax years.
Source:
Singapore Taxation
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