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When do you file your income tax in Singapore (2024)?
If you have received a notice from Singapore's IRAS to file your taxes, you can file from 1 March to 18 April 2024.
By Dee Lim
SINGAPORE – From 1 March to 18 April, you'll need to submit all your information to the Inland Revenue Authority of Singapore (IRAS) so that the amount of income tax you need to pay can be accurately calculated.
Here's what you need to know about filing taxes in Singapore:
What is income tax?
Income tax is just one of the taxes that you need to pay as a Singapore citizen or permanent resident, and goes towards money used for nation building. Foreigners who have lived or worked in Singapore, or have been here for at least 183 days in the previous calendar year, or been in Singapore continuously for more than three years, are also obligated to pay income tax. If you do not meet any of these conditions, you will be treated as a non-resident of Singapore for tax purposes.
How is income tax calculated in Singapore?
Income tax in Singapore is based on a progressive rate, which ranges from zero to 24 per cent. The more you earn, the higher the percentage of tax you pay on your income.
From 2024 onwards, there is an increased rate for the top marginal personal income bracket. Income subjected to tax in excess of $500,000 up to $1 million will be taxed at 23 per cent, while those in excess of $1 million will be taxed at 24 per cent – both were previously 22 per cent.
For Year of Assessment (YA) 2024, these are the rates that residents will pay:
To make sure you're doing the calculations properly, use the IRAS tax calculator.
What happens if you file taxes late?
Some of the actions that IRAS may take if you file your taxes late include issuing an estimated Notice of Assessment, which you must pay within one month. They could also offer to compound the offence (similar to a penalty fee) or summon you to court, depending on how many times you've previously filed late.
You should also remember to pay your tax promptly through various methods including GIRO, PayNow, AXS and more. Otherwise, you will incur further penalties.
What are the ways to reduce income tax in Singapore?
There are a number of deductions, reliefs and rebates available. Some of these to support families and married couples include the Qualifying Child Relief, Working Mother's Child Relief, Parenthood Tax Rebate, Foreign Domestic Worker Levy Relief, Grandparent Caregiver Relief, and even the NSman Wife Relief. Use this quiz to figure out which rebates you might be entitled to.
In terms of deductions, you can claim on rental expenses, qualifying donations, and for those who are self-employed or work in specific industries.
Another way to reduce your income tax is to top up your CPF accounts, or that of your loved ones. These additional contributions may be eligible for tax reliefs.
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