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) AccountEnjoy tax deductions under the CPF Relief scheme when you make contributions to your CPF account!
CPF Relief For EmployeesAs a Singaporean / Permanent Resident employee, you are entitled to CPF Relief for making contributions to your CPF.
Qualifying ContributionsThese 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