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The Financial Coconut Podcast
IRAS: Simplified Guide you need to know about Income Tax in Singapore and Legally Reduce Your Tax Bills [ft Chin Sau Hing]
Apr 3, 2024
Sau Hing Chin from IRAS shares insider tips on reducing tax bills in Singapore. Topics include various tax categories, child transfers, retirement schemes, and upcoming changes. Learn how to legally pay less next filing season!
51:47
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Quick takeaways
- Taxpayers can claim various reliefs and deductions, subject to specific conditions and caps.
- Accurate reporting of income sources, benefits, and deductions is essential for tax filing.
Deep dives
Tax Relief and Deduction Overview
Working individuals can claim various tax reliefs and deductions, such as parent relief, spouse relief, and employment expenses. These claims need to meet specific conditions and are subject to caps. Taxpayers should review their eligible reliefs each year and rectify any errors within four years. Scams targeting tax refunds should be avoided by verifying refund processes through official channels.
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Discover
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