There are many forms of taxation in Singapore; taxes on Proprty, Income, Businesses, even paying GST/ ERP is a form of taxation.
Based on your profile, I believe what interests you most would be how income tax you'l have to pay once you start working?
Genearally, taxes in Singapore a on a progressive tax basis. The higher your income goes, the more tax you pay and vice versa. It could go as low as 0-2% to as high as 22%, depending on your annual chargeable income.
Taxes are usually based firstly on your total employment income (assuming you are employed).
Reliefs may be used to further reduce your taxable income.
ie. Total employment income - Tax relief deductibles = Chargeable income,
Reliefs could include things like:
CPF contributions
Earned Income relief ($1k)
Serving NS ($1.5k - $5k)
Having children ($4k per child)
Donations to charitable organisations ($1 donation = $2.50 deductions)
Voluntarily contributing to own CPF or family (spouse, parents) CPF (7k for self, 7k for family)
Supplementary Retirement Scheme contributions ($15.3k cap)'
Working mother child's relief (working mom) 15%-25%
(There's more but you gotta check IRAS website)
Self employed is another category where you can claim for business expenses & use life insurance ($5K) as reliefs if you don't voluntarily contribute to your CPF OA & SA.
There are many forms of taxation in Singapore; taxes on Proprty, Income, Businesses, even paying GST/ ERP is a form of taxation.
Based on your profile, I believe what interests you most would be how income tax you'l have to pay once you start working?
Genearally, taxes in Singapore a on a progressive tax basis. The higher your income goes, the more tax you pay and vice versa. It could go as low as 0-2% to as high as 22%, depending on your annual chargeable income.
Taxes are usually based firstly on your total employment income (assuming you are employed).
Reliefs may be used to further reduce your taxable income.
ie. Total employment income - Tax relief deductibles = Chargeable income,
Reliefs could include things like:
CPF contributions
Earned Income relief ($1k)
Serving NS ($1.5k - $5k)
Having children ($4k per child)
Donations to charitable organisations ($1 donation = $2.50 deductions)
Voluntarily contributing to own CPF or family (spouse, parents) CPF (7k for self, 7k for family)
Supplementary Retirement Scheme contributions ($15.3k cap)'
Working mother child's relief (working mom) 15%-25%
(There's more but you gotta check IRAS website)
Self employed is another category where you can claim for business expenses & use life insurance ($5K) as reliefs if you don't voluntarily contribute to your CPF OA & SA.