Singapore Personal Tax Tips 2

If you are leaving Singapore or changing job
If you are about to leave Singapore or changing to another job within Singapore, your current employer
needs to notify IRAS and ensure that you settle all your taxes before you go. This process is known as tax
clearance. If you have any existing stock options or awards on hand which have yet to be exercised or vested,
you will be deemed to have derived gains from the stock or awards at the point of tax clearance.

Tax rates for resident individuals
Chargeable Income (S$) Rate (%) Gross Tax Payable (S$)
On the first
On the next
20,000
10,000
0
3.50
0.00
350.00
On the first
On the next
30,000
10,000
5.50
350.00
550.00
On the first
On the next
40,000
40,000
8.50
900.00
3,400.00
On the first
On the next
80,000
80,000
14
4,300.00
11,200.00
On the first
On the next
160,000
160,000
17
15,500.00
27,200.00
On the first
Above
320,000
320,000
20
42,700.00
For YA 2008 and 2009, a personal income tax rebate of 20%, up to a maximum of $2,000 is granted.

Ways to save tax
Tax residents are eligible for tax reliefs that can be offset against the assessable income. You can get reliefs for wife support, child maintenance etc. Conditions apply.
You may claim expenses incurred against your employment income; enjoy tax deductions for approved charitable donations. Conditions apply.
Under the Not Ordinarily Resident (NOR) Scheme, you can enjoy either Time Apportionment of Singapore employment income or Tax Exemption of Employer’s contributions to Overseas Pension Fund, or both. Conditions apply.
If you work for a foreign employer and need to travel overseas in the course of work, you may enjoy time apportionment of employment income under the Area Representative Scheme. Conditions apply.
With the Avoidance of Double Taxation Treaties signed by Singapore, your income may not be taxed twice in Singapore and your home country. Conditions apply.
Need help on your Tax assessment and submission?
Rikvin can assist you in your personal income tax filings. Our personal tax filing services include:

Registration for new tax payers
Preparation and filing of income tax return based on your income and determination of possible deductions and reliefs that are applicable to you
Request for extension of deadline, if necessary
Preparation of Form IR8A for employees
Tax planning and tax advice
If you would like us to assist you with your personal income tax return, please contact us at +65-63034600 to discuss your requirement in detail or send us an email at ptax@rikvin.com and we will get back to you.