How To Save On Income Tax In Singapore

As the year draws to a close, one of the tasks on Heartland Boy’s to-do list is to manage his income tax. Indeed, he advocates taking a proactive, rather than a reactive, stance towards managing one’s tax bill. In this article, Heartland Boy focuses on the tasks that must be completed within the current fiscal year in order for one to enjoy tax reliefs during the next tax reporting season. Specifically, he would like to recommend 4 lawful ways that every working adult can easily follow in the next few days so as to pay as little taxes as possible.

1.Participate In SRS

The Supplementary Retirement Scheme (‘SRS’) is a voluntary scheme that serves as a supplementary pillar to Singaporeans’ retirement funds. Account holder contributes cash into SRS and this contribution is capped at a maximum of S$15,300 per annum. Every dollar deposited into your account reduces your taxable …

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