Individual Income Tax Season 2023 is here. The period that you can file your income tax will be from 1 March 2023 to 18 April 2023. There will be some changes this year which will only be affecting the top 1% of Singapore which I will be sharing below.
Individual Income Tax Season 2023 Singapore
Introduction to Income Taxes
We pay a certain amount of income taxes to Singapore every year as contribution. They are used to fund public services, pay government obligations, and provide goods (think about the roads and traffic lights or even our military force) for citizens.
We are taxed on our income and it is a progressive tax nature. This means that as you earn more, you will taxed at a higher rate. This doesn’t mean you should relax and earn less. I would rather you earn more and get taxed more. It is a happy problem. (Would you like to earn $30,000 and be taxed...