Aside from its undeniable cleanliness and thriving economy, foreign investors see Singapore as a country with an attractive corporate and personal tax rates. The Singapore taxing system is widely known for its tax relief measures, absence of capital gains tax, one-tier tax system, and extensive double tax treaties. What keeps this system going? To answer that question, we must dive in to different types of taxes. INDIVIDUAL INCOME TAX As the name suggests, the individual income tax is imposed on
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
IMPROVE YOUR PERSONAL FINANCE 1. ELIMINATE AN EXPENSE Spend at least 5 minutes on examining your last month’s utilities bill or last month’s credit card statement. Use your hawk eyes to look for one unnecessary expense that you can reduce. Whether it is the unusable gym membership or the expensive dinners at the restaurants, you must commit on eliminating it and saving more. 2. KEEP THINGS SIMPLE Save more on clothing and handbags by keeping your closet “simple”. You do
Individuals, corporations, trustees, and partnerships that are carrying on profession, trade, or business in Singapore are chargeable with tax. Fortunately for you, the country offers one of the lowest tax rates in the world. Whether you are entering the country’s working scene as a local citizen, a fresh graduate or a foreign worker, you must familiarize yourself with the taxation regulations. Start by reading this guide… AUTHORITY The Inland Revenue Authority of Singapore (IRAS), formed in 1960, is the statutory
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.