Income Tax in Singapore: Income Tax Reliefs (2020) - Revision history

Dayana Rizal: /* Course Fee Relief - Up to S$5,500 */

2020-03-24T02:22:34Z

Course Fee Relief - Up to S$5,500

← Older revision		Revision as of 10:22, 24 March 2020
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	(ii) Foreigners who have stayed and worked in Singapore for '''<u>more than 183 days</u>''' (approximately '''<u>six months</u>''')		(ii) Foreigners who have stayed and worked in Singapore for '''<u>more than 183 days</u>''' (approximately '''<u>six months</u>''')

			== Cash Donations ==
			Individuals can receive income tax deductions from donating to charities. These charities have to be approved '''<u>Institutions of a Public Character (IPC)</u>'''.<ref>"[https://www.mof.gov.sg/policies/tax-policies/personal-income-tax/tax-deduction-for-donations Tax Deduction for Donations]". ''Ministry of Finance''. Accessed on 24 March 2020.</ref> A list of IPC charities can be accessed [https://give.asia/charities here].

			=== Amount Claimable ===
			For every $1 donated, individuals can claim a relief of $2.50.<ref>Kotwani, Monica. "[https://www.channelnewsasia.com/news/specialreports/budget2018/budget-2018-government-to-extend-250-tax-deductions-for-9970836 Budget 2018: Government to extend 250% tax deductions for donations for three more years]". ''Channel News Asia''. February 18, 2018. Accessed on 24 March 2020.</ref>
			For example, if you donate '''<u>$250</u>''' to an IPC charity in a year, you qualify for a '''<u>$625</u>''' income tax relief.

	==Course Fee Relief - Up to S$5,500==		==Course Fee Relief - Up to S$5,500==

Dayana Rizal: /* CPF Reliefs */

2020-03-23T06:20:25Z

CPF Reliefs

← Older revision		Revision as of 14:20, 23 March 2020
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	(iii) Whether they are an employee or self-employed		(iii) Whether they are an employee or self-employed
	For a guide on how to calculate CPF reliefs, refer to [[Income Tax ~~Reliefs for~~ CPF (2020)\|~~Income Tax Reliefs for CPF~~]].		For a guide on '''<u>how to calculate</u>''' CPF reliefs, refer to [[Income Tax in Singapore: Calculating Your CPF Relief (2020)\|this entry]].
	==CPF Cash Top-up Relief - Up to S$14,000==		==CPF Cash Top-up Relief - Up to S$14,000==
	This relief is different from the CPF Relief. You are only eligible for this relief if you:		This relief is different from the CPF Relief. You are only eligible for this relief if you:

Dayana Rizal at 06:18, 23 March 2020

2020-03-23T06:18:57Z

← Older revision		Revision as of 14:18, 23 March 2020
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	<blockquote>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</blockquote>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]		<blockquote>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</blockquote>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]
	~~Tax~~ reliefs lower the amount of income tax payable.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).		With tax reliefs, individuals can lower the amount of income tax payable.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).

	==Overview==		==Overview==

Dayana Rizal at 03:55, 23 March 2020

2020-03-23T03:55:28Z

← Older revision		Revision as of 11:55, 23 March 2020
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	<blockquote>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</blockquote>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]		<blockquote>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</blockquote>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]
	~~Government-initiated tax relief schemes~~ lower the amount of tax payable ~~by reducing the individual's chargeable income~~.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).		Tax reliefs lower the amount of income tax payable.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).

	==Overview==		==Overview==

Dayana Rizal at 08:46, 20 March 2020

2020-03-20T08:46:54Z

← Older revision		Revision as of 16:46, 20 March 2020
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			<blockquote>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</blockquote>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]

	This entry is one of three Income Tax Guides for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].
	<br />[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]
	Government-initiated tax relief schemes lower the amount of tax payable by reducing the individual's chargeable income.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).		Government-initiated tax relief schemes lower the amount of tax payable by reducing the individual's chargeable income.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).

Dayana Rizal at 08:46, 20 March 2020

2020-03-20T08:46:28Z

← Older revision		Revision as of 16:46, 20 March 2020
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	~~<blockquote>~~This entry is one of three Income Tax Guides for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</~~blockquote~~>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]

			This entry is one of three Income Tax Guides for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].
			<br />[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]
	Government-initiated tax relief schemes lower the amount of tax payable by reducing the individual's chargeable income.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).		Government-initiated tax relief schemes lower the amount of tax payable by reducing the individual's chargeable income.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).

Dayana Rizal: /* CPF Reliefs */

2020-03-20T08:37:01Z

CPF Reliefs

← Older revision		Revision as of 16:37, 20 March 2020
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	(iii) Whether they are an employee or self-employed		(iii) Whether they are an employee or self-employed
	For a guide on how to calculate CPF reliefs, refer to [[Income Tax Reliefs for CPF (2020)\|Income Tax Reliefs for CPF]].		For a guide on how to calculate CPF reliefs, refer to [[Income Tax Reliefs for CPF (2020)\|Income Tax Reliefs for CPF]].
			==CPF Cash Top-up Relief - Up to S$14,000==
			This relief is different from the CPF Relief. You are only eligible for this relief if you:
			(i) Hold a Singapore NRIC

			(ii) Have made cash top-ups into your '''<u>Special Account</u>''' or '''<u>Retirement Account</u>'''

			(iii) Have made case top-ups into your '''<u>family member's</u>''' Special Account or Retirement Account
			The amount claimable is capped at $7,000 for self top-up and $7,000 for family top-up. More information can be found on the [https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/CPF-Cash-Top-up-Relief/ IRAS website].
	==Foreign Maid Levy (FML) Relief - From S$600*==		==Foreign Maid Levy (FML) Relief - From S$600*==
	<blockquote>*As of April 2020, the foreign maid levy had been increased from $265 to $300 a month.<ref>Chuang Peck Ming. "[https://www.businesstimes.com.sg/government-economy/singapore-budget-2018/singapore-budget-2018-maid-levy-to-go-up-from-april-2019 Singapore Budget 2018: Maid levy to go up from April 2019]". ''Business Times''. February 20, 2018. Accessed on 19 March 2020.</ref> As such, the relief amount has increased correspondingly.</blockquote>This relief is for '''<u>female</u>''' tax residents only. Under this relief, married, divorced or widowed mothers with school-going children can claim the '''<u>foreign domestic worker levy</u>''' paid in the previous year - subject to the following '''<u>Terms & Conditions</u>'''.<ref>“[https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Foreign-Maid-Levy--FML--Relief/ Foreign Maid Levy (FML) Relief]”. ''IRAS.'' Accessed on 13 March 2020.</ref>		<blockquote>*As of April 2020, the foreign maid levy had been increased from $265 to $300 a month.<ref>Chuang Peck Ming. "[https://www.businesstimes.com.sg/government-economy/singapore-budget-2018/singapore-budget-2018-maid-levy-to-go-up-from-april-2019 Singapore Budget 2018: Maid levy to go up from April 2019]". ''Business Times''. February 20, 2018. Accessed on 19 March 2020.</ref> As such, the relief amount has increased correspondingly.</blockquote>This relief is for '''<u>female</u>''' tax residents only. Under this relief, married, divorced or widowed mothers with school-going children can claim the '''<u>foreign domestic worker levy</u>''' paid in the previous year - subject to the following '''<u>Terms & Conditions</u>'''.<ref>“[https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Foreign-Maid-Levy--FML--Relief/ Foreign Maid Levy (FML) Relief]”. ''IRAS.'' Accessed on 13 March 2020.</ref>

Dayana Rizal: /* CPF Reliefs */

2020-03-20T08:35:12Z

CPF Reliefs

← Older revision		Revision as of 16:35, 20 March 2020
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	(iii) Whether they are an employee or self-employed		(iii) Whether they are an employee or self-employed
	For a guide on how to calculate CPF reliefs, refer to Income Tax Reliefs for CPF.		For a guide on how to calculate CPF reliefs, refer to [[Income Tax Reliefs for CPF (2020)\|Income Tax Reliefs for CPF]].

	==Foreign Maid Levy (FML) Relief - From S$600*==		==Foreign Maid Levy (FML) Relief - From S$600*==

Dayana Rizal: /* CPF Reliefs */

2020-03-20T08:34:47Z

CPF Reliefs

← Older revision		Revision as of 16:34, 20 March 2020
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	==CPF Reliefs==		==CPF Reliefs==
	The claimable amount for CPF reliefs ~~differ~~ based ~~a variety of factors like~~:		The claimable amount for CPF reliefs differs from person to person based on:
	(i) Annual salary		(i) Annual salary

	(ii) Additional wages - like bonuses and miscellaneous payments		(ii) Additional wages - like bonuses and miscellaneous payments

	(iii) Whether ~~you~~ are an employee or self-employed		(iii) Whether they are an employee or self-employed
	For a guide on how to calculate CPF reliefs, refer to Income Tax Reliefs for CPF.		For a guide on how to calculate CPF reliefs, refer to Income Tax Reliefs for CPF.

Dayana Rizal at 08:32, 20 March 2020

2020-03-20T08:32:55Z

← Older revision		Revision as of 16:32, 20 March 2020
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			<blockquote>This entry is one of three Income Tax Guides for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)\|CPF Reliefs]].</blockquote>[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]

	This entry is one of three Income Tax Guides for Singaporeans on Wiki.sg. Part One explains how you should [[Income Tax in Singapore: How Much Do You Pay (2020)\|calculate your income tax]]. Part Two complies the Income Tax Reliefs that can potentially reduce how much tax you pay. Part Three explains how to calculate your CPF Reliefs.
	<br />[[File:IRAS Singapore.jpg\|link=https://wiki.sg/p/File:IRAS%20Singapore.jpg\|thumb\|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. IRAS / [https://www.straitstimes.com/business/companies-markets/panama-papers-iras-checking-for-unlawful-activity-of-singapore-taxpayers The Straits Times].'']]
	Government-initiated tax relief schemes lower the amount of tax payable by reducing the individual's chargeable income.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).		Government-initiated tax relief schemes lower the amount of tax payable by reducing the individual's chargeable income.<ref>"[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Deductions for Individuals (Reliefs and Rebates)]”. ''IRAS.'' Accessed on 11 March 2020.</ref> Individuals can claim up to <u>'''$80,000'''</u> of tax reliefs per financial year.<ref>“[https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals--Reliefs--Expenses--Donations-/ Personal Income Tax Relief Cap]”. I''RAS.'' Accessed on 11 March 2020.</ref> This entry summarises all there is to know about the current '''<u>income tax relief schemes</u>''' in Singapore (as of 2020).