Anyone who takes part in trade and business is chargeable with tax. It is known that tax rates in Singapore are relatively lower compared to other countries in the world, making it more attractive for individuals and corporations to participate in some form of exchange in business. Despite the relatively lower tax rates, no one entirely enjoys the act of filing for taxes! This is why you must employ creative ways to save on your next income tax. Consider these
Each year, hundreds of tax deductions and credits may go unclaimed due to the lack of taxing knowledge. To prevent that, here are 5 Tax Deductibles You Need To Know based on the Inland Revenue Authority of Singapore. FOR THE EMPLOYEE 1. EMPLOYMENT EXPENSES A good news for all employees—employment expenses can be claimed as long as they satisfy these three conditions: a. Expenses are sustained when carrying out official duties. b. Expenses are not reimbursed by the employer. c.