Personal Finance
Learning about Tax Scheme – Making you rich faster
By FinancialVeracity  •  August 30, 2016

aiya its just small money…so lazy to read and understand

Currently Singapore have 4  Tax Scheme;
  1. Area representative Scheme – If u work out of Singapore often & you’re hired by a foreigner that pays u remuneration to your foreign bank account.
  2. Non Ordinary Resident (NOR) Scheme – Mainly for foreigners
  3. Supplementary Retirement Scheme (SRS) – for everyone earning above 30k/yearly
  4. Angel Investor Tax Reduction Scheme (AITD) – for investors

SRS

It’s a voluntary retirement scheme initiated by the government that allows u to park your cash (a part of ur salary) to reduce your chargeable income (reduce tax to be paid) yet at the same time allow u to invest without paying tax on your returns (In your SRS account)

Limitations:

  • Maximum amount that you can put inside is $15,300
  • In order to attain full tax exemption, you can only withdraw ...
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By FinancialVeracity
24 and on a constant lookout to improve my financial literacy in order to achieve “Financial Independence”. The sole purpose of writing this blog is to give whatever little financial knowledge I have to everyone.
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