Top Rate
24%
SRS Cap
$15,300
Singapore has one of the lowest personal income tax rates in the world. Understanding the tax system, available reliefs, and optimization strategies can help you legally minimize your tax bill and keep more of your hard-earned money.
Core Education
0% to 24% based on income brackets
Investment profits are tax-free
Estate duty abolished in 2008
Only Singapore-sourced income taxed
YA 2024 Onwards
| Chargeable Income | Tax Rate | Gross Tax Payable |
|---|---|---|
| First $20,000 | 0% | $0 |
| Next $10,000 (up to $30,000) | 2% | $200 |
| Next $10,000 (up to $40,000) | 3.5% | $550 |
| Next $40,000 (up to $80,000) | 7% | $3,350 |
| Next $40,000 (up to $120,000) | 11.5% | $7,950 |
| Next $40,000 (up to $160,000) | 15% | $13,950 |
| Next $40,000 (up to $200,000) | 18% | $21,150 |
| Next $40,000 (up to $240,000) | 19% | $28,750 |
| Next $40,000 (up to $280,000) | 19.5% | $36,550 |
| Next $40,000 (up to $320,000) | 20% | $44,550 |
| Next $180,000 (up to $500,000) | 22% | $84,150 |
| Next $500,000 (up to $1,000,000) | 23% | $199,150 |
| Above $1,000,000 | 24% | — |
Annual Income
$60,000
Tax Payable
$1,950
Effective rate: 3.25%
Annual Income
$100,000
Tax Payable
$5,650
Effective rate: 5.65%
Annual Income
$200,000
Tax Payable
$21,150
Effective rate: 10.58%
Reduce Your Tax Bill
Tax reliefs reduce your chargeable income, which directly lowers your tax bill. Here are the main reliefs available to Singapore tax residents.
Automatically granted based on age:
For married taxpayers with a spouse who has income of $4,000 or less in the previous year and is living with or supported by you.
For each unmarried child who is under 16, or in full-time education, or serving NS. Child must have income of $4,000 or less.
For each handicapped child regardless of age, if mentally or physically handicapped.
For working mothers who are married, divorced, or widowed. 15% for 1st child, 20% for 2nd, 25% for 3rd and subsequent.
For supporting parents/grandparents aged 55+:
For working mothers whose parent or grandparent looks after their child who is 12 or younger.
For NSmen, NSmen wives, and NSmen parents. Amount varies based on role and whether you performed NS activities.
Your mandatory CPF contributions are automatically deducted from your taxable income (up to the OW ceiling).
$8,000 for top-ups to your own SA/RA, plus another $8,000 for top-ups to family members' accounts.
Contributions to your Supplementary Retirement Scheme account (for Singapore citizens and PRs).
Only applicable if your CPF contributions are less than $5,000. Limited to lower of premiums paid or $5,000 minus CPF contributions.
For courses, seminars, or conferences to maintain or upgrade skills for employment purposes.
Donations to approved Institutions of a Public Character (IPCs) qualify for 250% tax deduction.
The total amount of personal income tax reliefs you can claim is capped at $80,000 per Year of Assessment.
Supplementary Retirement Scheme
The Supplementary Retirement Scheme (SRS) is a voluntary savings scheme that helps you save for retirement while enjoying immediate tax benefits.
per calendar year
per calendar year
Example Tax Savings
If your marginal tax rate is 15% and you contribute $15,300:
Tax saved: $2,295
Smart Planning
Contribute the full $15,300 before 31 December each year. The higher your tax bracket, the more you save.
Top up your SA or family members' accounts. Up to $16,000 in relief ($8,000 self + $8,000 family).
Donate to approved IPCs for 250% tax deduction. $1,000 donated = $2,500 deduction from taxable income.
Review all reliefs annually. Parent relief, spouse relief, and course fees are commonly overlooked.
If expecting a lower-income year ahead, consider deferring bonuses. Conversely, accelerate deductions in high-income years.
Only one spouse can claim child relief and parent relief. Claim under the higher-earning spouse for greater tax savings.
All personal reliefs combined cannot exceed $80,000. If you're already near the cap, prioritize higher-value reliefs first.
Mark Your Calendar
Last day to contribute to SRS for tax relief in the current Year of Assessment. Don't wait until the last minute as bank processing may take time.
Last day to make voluntary CPF contributions (cash top-ups) for tax relief in the current Year of Assessment.
IRAS starts sending out tax filing notifications. Most employees under Auto-Inclusion Scheme will have income pre-filled.
Deadline for submitting paper tax returns (Form B1). Late filing incurs penalties.
Deadline for electronic tax filing via myTax Portal. This is the most common method used by individuals.
Avoid These Errors
Contributions must be made by 31 December. Many people rush in the last week and face bank processing delays. Set a reminder for early December.
If you're supporting elderly parents, you may be entitled to up to $14,000 in relief per parent. Many forget to claim this.
Child relief and parent relief can only be claimed by one person. Couples should coordinate to avoid issues with IRAS.
If you took any work-related courses, seminars, or certifications, you can claim up to $5,500. Keep all receipts.
SRS cash earns minimal interest. The power of SRS comes from investing the funds in stocks, ETFs, or unit trusts for long-term growth.
All reliefs combined cannot exceed $80,000. If you're high income with many reliefs, some may be wasted. Plan strategically.
Tax planning is just one piece of your overall financial strategy. We can help you optimize your taxes while ensuring your investment, insurance, and retirement plans work together.
Discuss Tax PlanningFor general education purposes only. Please consult a tax professional for personalized advice.
Tax planning works best when integrated with your overall financial strategy