Maybe it’s your first year of work, or maybe
you have filed your income tax several times before. Many will
agree that no matter how many times you have been through Singapore
tax season, it always seems to be more daunting than it actually
turns out to be.
Individual Income Tax filing happens annually
from 1 March to 18th April (for e-Filing). Citizens, PRs and
foreigners are subjected to the same tiered system, but there are
tax deductions available and you should know what you qualify for,
either for this year or the years to come. This year, the Inland
Revenue Authority of Singapore (IRAS) has also introduced some new
features to make income tax filing much easier, but we’ll get to
that later.
Whilst most of the filing is usually done at
the IRAS myTax
portal, have a good look at what the Government has structured
in IRAS’ full list of tax deductions in
Singapore. Reducing your taxable income is a very satisfying
sensation, and we recommend you know what you are entitled to
(within legal boundaries of course).
But before we get to that, here’s a quick
summary of what you need to know for Individual Income Tax Filing
2018:
click here for more information