5 Simple Strategies to Optimise your taxes in Singapore

There are several tax-saving strategies that individuals in Singapore can use to minimize their tax liability, including the following:

  1. Contribute to a tax-deductible retirement savings account, such as a Central Provident Fund (CPF) account, to reduce your taxable income.
  2. Take advantage of tax deductions and reliefs, such as the Personal Relief and the Course Fee Relief, to reduce your taxable income.
  3. Consider making charitable donations to eligible institutions, as charitable donations made to approved institutions are tax-deductible.
  4. If you are a self-employed individual or a business owner, consider incorporating your business as a company, as companies are taxed at a lower rate than individuals.
  5. Keep track of your expenses and save receipts, as some expenses, such as professional development expenses and travel expenses, may be tax-deductible.

It’s important to note that the tax laws in Singapore can change from year to year, so it’s always a good idea to consult with a qualified tax professional to discuss the best tax-saving strategies for your specific situation.

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