Personal Finance
Tax Rebates and Reliefs you need to know about (2024) for Singapore residents
By Financial Horse  •  March 20, 2024
Tax season is upon us. Here are some of the key tax rebates and reliefs that you may be entitled to!
  1. 50% Personal tax rebate *new*
As announced in Budget 2024, a Personal Tax rebate will be granted to all tax residents for Year of Assessment 2024. The rebate will be 50% of tax payable, capped at $200. The tax rebate is calculated based on the following:
  1. The amount of tax payable after double taxation relief and other credits; and
  2. The amount of tax payable before offsetting the Parenthood Tax Rebate.
  3. Parenthood tax rebate (PTR)
To qualify, you must be a Singapore tax resident who is married, divorced or widowed in the relevant year. The amount of rebate depends on the number of children. You and your spouse may share the PTR. You can also transfer unutilized PTR to your spouse. Remember to login to the myTax portal to view your PTR balance and transfer to your spouse if you wish....
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By Financial Horse
Financial Horse was founded with a simple goal – To provide high quality financial commentary, in plain English. He is a firm believer in Einstein’s quote that “If you can’t explain it to six-year-old, you don’t understand it yourself.” Too much of finance is shrouded in complex jargon, and Financial Horse aims to demystify financial investments.

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