Maybe it’s your first year of work, or maybe you have filed your income tax several times before. Many will agree that no matter how many times you have been through Singapore tax season, it always seems to be more daunting than it actually turns out to be.
Individual Income Tax filing happens annually from 1 March to 18th April (for e-Filing). Citizens, PRs and foreigners are subjected to the same tiered system, but there are tax deductions available and you should know what you qualify for, either for this year or the years to come. This year, the Inland Revenue Authority of Singapore (IRAS) has also introduced some new features to make income tax filing much easier, but we’ll get to that later.
Whilst most of the filing is usually done at the IRAS myTax portal, have a good look at what the Government has structured in IRAS’ full list of tax deductions in Singapore. Reducing your taxable income is a very satisfying sensation, and we recommend you know what you are entitled to (within legal boundaries of course).
But before we get to that, here’s a quick summary of what you need to know for Individual Income Tax Filing 2018: