Personal Finance
Tax Season is Approaching, Here Are 18 Ways to Legally Reduce Your Income Tax in Singapore
By Singapore Financial Planners  •  September 22, 2022
Fretting over the impending recession and inflation? Beat the heat with these 10 legal methods to reduce your taxes! In this article, we will introduce you to the various tax relief schemes offered by the Inland Revenue Authority of Singapore (IRAS). Claim away under all the relief schemes that apply to you, up to a maximum of $80,000 per Year of Assessment (YA).

1. Make Contributions to Your Central Provident Fund (CPF) Account

Enjoy tax deductions under the CPF Relief scheme when you make contributions to your CPF account!

CPF Relief For Employees

As a Singaporean / Permanent Resident employee, you are entitled to CPF Relief for making contributions to your CPF.

Qualifying Contributions

These contributions are claimable under CPF Relief:
  • Compulsory CPF contributions made under the CPF Act
  • Voluntary contributions to your MA
  • Contributions to any approved provident fund or pension
Claims on the following contributions are however not permissible:
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By Singapore Financial Planners
We believe in the power of financial literacy. It’s unfortunate that schools do not provide crucial life lessons like financial planning. Thus, we created Singapore Financial Planners to create a space where we provide financial education so that you can make an informed decision.

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