With the first phase of the GST increase behind us, the impact on businesses and consumers is evident. Some companies absorbed the cost and used the increase as a marketing opportunity to demonstrate customer loyalty. Others quietly made price adjustments with customers aware of the upcoming change.

Now that we have passed the first phase, it is time to start preparing for the second, aiming for the smoothest transition possible.

Singapore offers incredible advantages for those keen to launch a business thanks to a favourable commercial environment and strategic location.

But to make the most of them, you need to understand Singapore's tax incentives.

Here are five tax incentives that draw investors and entrepreneurs each year:

Filing your IRAS corporate income tax returns might seem like a daunting task, especially if you have recently launched a business or contemplating starting one in Singapore. The pressure of meeting submission deadlines can be overwhelming, potentially casting a cloud over your business's reputation and financial stability.

However, with a well-thought-out strategy, this compliance journey can be both manageable and enlightening.