Donations to charity, tax relief claims can soften tax hike for high-income earners

EVEN though high-income earners in Singapore would be paying higher taxes from 2023, making tax-deductible donations and maximising their personal income tax relief are some ways they can soften the impact of the hike.

There are various ways taxpayers can claim reliefs in Singapore. Having a child or being a working mother are some ways, pointed out Tan Ching Ne, a partner specialising in tax at professional services consultancy PwC Singapore.

High-income earners can also consider opening an account under the Supplementary Retirement Scheme (SRS), as contributions to their SRS account can be claimed for tax relief. The SRS is a voluntary scheme to encourage individuals to save for retirement, over and above their savings in the Central Provident Fund.