facebookWhat are some ways I can save on tax in Singapore? Do you have any tax relief methods? - Seedly

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Anonymous

29 Dec 2020

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Saving Hacks

What are some ways I can save on tax in Singapore? Do you have any tax relief methods?

I would like to know how I minimise paying for as much tax as possible.

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Jiayee

29 Dec 2020

Salaryman at some company

Do check out the IRAS website as mentioned by Shaun.

You may also want to look up the following keywords (maybe change the wording a little if you can't get results)

  1. Medisave voluntary contribution (take note of annual contribution limit)

  2. CPF RSTU (take note of relief cap)

  3. SRS (take note of annual limit and withdrawal terms)

  4. Donations income tax relief (2.5 times right now e.g. donate $100, get relief for $250)

There are also other reliefs that depend on your family situation e.g. parents, spouse, children, but it's usually something you can just do and fulfill in a day e.g. need to be mentally prepared before having children.

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For direct taxes like individual income tax, there are some tax deductions available.

https://www.iras.gov.sg/irashome/Individuals/Lo...

https://www.iras.gov.sg/irashome/Individuals/Fo...

For indirect taxes such as GST, reduced consumption will result in lower tax.

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