In an article published a couple of years back, Heartland Boy guided that it is possible to save on income taxes in Singapore by taking these actions:
Even till today, Heartland Boy is still practising a combination of these tax reliefs to reduce his chargeable income. However, the aforementioned methods are only effective in lowering our income tax obligations for next year’s assessment. Given that we are just issued our Notice of Assessment for the Year of Assessment 2020, the purpose of this article is to review other tips that could help in reducing our current income tax obligations. To be even more specific, it is not about reducing the total bill size, but more about how we can reduce our personal income tax cashflow in Singapore.