tag:blogger.com,1999:blog-1794947533952980393.post6056316089249778113..comments2024-02-21T04:05:19.046+08:00Comments on From an Engineer who is working in Singapore: Comparison between Malaysia Income Tax and Singapore Income Tax 2 --- Tax ReliefAdamhttp://www.blogger.com/profile/06281739838876005496noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1794947533952980393.post-84100244820387413862011-04-26T03:20:20.444+08:002011-04-26T03:20:20.444+08:00Thanks for sharing =)Thanks for sharing =)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-80886750561824259762011-04-23T20:46:37.824+08:002011-04-23T20:46:37.824+08:00I agreed with you that it is not easy to determine...I agreed with you that it is not easy to determine the real benefits of SRS, as there is a withdrawal penalty when we withdraw the SRS fund before age sixty two (62), the current retirement age of Singapore.<br /><br />If we withdraw after retirement age, we only be taxed on 50% of the SRS fund amount. <br /><br />The interest rate of the SRS is not high as mentioned. But it do reduce the total taxable income (meaning Tax Relief), hence lower tax bracket.<br /><br />As a result, things to consider before taking up this scheme:<br />1. What is the current year tax saving if reduce in term of tax bracket?<br />2. When you plan to withdraw the money?<br />3. What is our opportunity cost of this money?<br />4. What your thinking of Singapore goverment policy when you reach retirement age?<br /><br />Luckily, this is voluntary scheme for increase your retirement fund. No need to continue if you do not plan to contribute on the assessment year. It is just another way to reduce your tax.Adamhttps://www.blogger.com/profile/06281739838876005496noreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-26734574786688204942011-04-21T23:46:52.600+08:002011-04-21T23:46:52.600+08:00The Supllementary Retirement Scheme doesnt give th...The Supllementary Retirement Scheme doesnt give the person a tax relief SGD26,775 if he or she decided to plant that amount per annum in that scheme. It merely deduct the money away from his/her total taxable income thus putting that person's tax bracket at a lower range. The interest rate is extremely low for that scheme which amounts to 0.25% pa currently. In a long run, putting the money in a safe deposit back in Malaysia with a minimum interest rate of 3% makes more sense.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-52066811814844156732011-03-27T13:18:56.682+08:002011-03-27T13:18:56.682+08:00Eisse J:
Thanks...=p
thomas:
True...it is how S...Eisse J: <br />Thanks...=p<br /><br />thomas: <br />True...it is how Singapore government model their tax structure, in order to attract female (mother) to come back to the work force...^^Adamhttps://www.blogger.com/profile/06281739838876005496noreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-34838636711766008382011-03-25T10:02:58.663+08:002011-03-25T10:02:58.663+08:00Looks like the self relief in S'pore is very l...Looks like the self relief in S'pore is very low,<br />more priority for wife and children,<br />will be bad for bachelors.thomashttp://turbinemanlog.blogspot.com/noreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-89492152070089916582011-03-24T20:51:18.277+08:002011-03-24T20:51:18.277+08:00Adam...this is another good post! (^^)bAdam...this is another good post! (^^)bEisse Jnoreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-62219315202261743362011-03-24T06:24:55.847+08:002011-03-24T06:24:55.847+08:00Anonymous:
Hi! Congratulation for your offer. I t...Anonymous:<br /><br />Hi! Congratulation for your offer. I think should be no problem with your qualification and salary range, especially for Malaysian. As we are very easy to adapt to Singapore culture.<br /><br />I shall take note on the food places information sharing...Haha...(^o^)Adamhttps://www.blogger.com/profile/06281739838876005496noreply@blogger.comtag:blogger.com,1999:blog-1794947533952980393.post-73840041444779107162011-03-23T20:18:28.155+08:002011-03-23T20:18:28.155+08:00Bravo! I came to the right place to dig as many in...Bravo! I came to the right place to dig as many information as possible about working in Singapore. I would like to ask if it would be difficult for a company in Singapore to apply an employment pass for a Malaysian? I have already gotten an offer letter from them but that is subjected to the approval of my EP. Please enlighten me. <br /><br />Also, I thought it would be interesting if you can blog about food places in Singapore. You know lah, eating is our favourite past time. Just my two cents.Anonymousnoreply@blogger.com