Tax planning
Reliefs that lower your tax, and income Singapore doesn't tax.
Curated by the MAS-licensed financial planners on the Sum team.
SRS
S$15,300 a year off taxable income
The Supplementary Retirement Scheme. Up to S$15,300 a year paid in (S$35,700 for foreigners) comes off taxable income. From the statutory retirement age only half of each withdrawal is taxed, spread over up to 10 years. Taken out earlier, all of it is taxed, plus a 5% penalty.
Opened at DBS, OCBC or UOB. Paid in by 31 December, it counts for next year's tax.
CPF cash top-ups
Cash topped up to your own Special or Retirement Account takes up to S$8,000 off taxable income, and up to S$8,000 more for topping up parents, grandparents, a spouse or siblings. The money stays in CPF for retirement.
The relief cap
S$80,000 cap on all reliefs a year
All personal reliefs together are capped at S$80,000 a year. Past that, more relief saves no tax.
What isn't taxed
Singapore has no capital gains tax. Dividends from Singapore companies and interest from Singapore bank deposits are tax free for individuals.
Foreign shares
The US keeps 30% of dividends paid to Singapore investors. A fund based in Ireland pays 15% inside the fund instead. US shares above US$60,000 may also face US estate tax.