facebookWill they lower my tax if I deposit $1k every month into my VC CPF all three accounts if I am self employed? - Seedly

Advertisement

Anonymous

25 Dec 2020

Saving Hacks

Will they lower my tax if I deposit $1k every month into my VC CPF all three accounts if I am self employed?

Hi, I’ve been depositing $1k every month into my VC CPF all three accounts. I’m a self employed. Will they lower my tax? Thank you!

Discussion (1)

What are your thoughts?

Learn how to style your text

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

There should be relief on the CPF contributions if it not over the cap. You can refer to the section on CPF contributions relief. The relief is deducted from the assessable income.

Depending on the final assessable income level and tax bracket, the tax payable may be lower. Please check with your tax advisor.

Write your thoughts

Advertisement