It is Tax Filing Season in Singapore once again. From now till 15th April 2016 (18th April if you are e-filing), individuals are required to file their income tax so that the taxman determines what share of your 2015 earnings it is entitled to.
For many it is a simple enough process, easily accomplished during the half time of a soccer match. For others, it is painful because of the complexity. Yet many others (myself included) go through the motion year in year out without giving it much thought.
So here is an attempt to deconstruct the process.
- Who Pays Income Tax
Anyone who receives more than $20000 in taxable income for the year 2015 is required to pay Income Tax. According to IRAS, the rates are progressive and high income earners are taxed more as a proportion of their income. The actual rates are as follows.
Based on the ...
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