What are the tax deductions available in Singapore?

What are the tax deductions available in Singapore?

In Singapore, common tax deductions include expenses related to employment, donations to approved charities, and contributions to the Central Provident Fund (CPF). Would you like to know more about a specific type of deduction?

Can you explain the deductions for employment expenses?

Sure! Employment expenses that can be deducted include costs for professional development, work-related travel, and certain tools or equipment necessary for your job. Keep in mind that you need to keep receipts and documentation for these expenses.

What about donations? How do they work?

Donations to approved charities can be deducted from your taxable income. You can claim 2.5 times the amount donated, which effectively reduces your tax liability. Make sure to obtain a receipt from the charity!

Are there any limits on these deductions?

Yes, there are limits on certain deductions. For example, employment expenses must be directly related to your job, and there are caps on how much you can claim for specific categories. It's best to consult the Inland Revenue Authority of Singapore (IRAS) for detailed guidelines.