Taxpayers in Singapore will enjoy a personal income tax rebate of 50 percent for this year’s tax season which will be capped at $1,000, revealed the Inland Revenue Authority of Singapore (IRAS).
The rebate which was announced during the recent 2015 Budget Speech is automatically granted to all eligible taxpayers, and will be reflected in their tax bill.
They can also choose to share parent relief among claimants, which is a first.
The maximum quantum for parent relief has been increased by between $1,000 and $3,000, depending on the type of parent relief taxpayers are claiming.
Taxpayers have until 18 April 2015 to file their income tax returns online at mytax.iras.gov.sg.
Late filing of tax returns will incur penalties.
Source: IRAS
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
