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#TaxTip Grow your savings by contributing to your Supplementary Retirement Scheme (SRS) Account! You will be eligible for tax reliefs in Year of Assessment 2023 if you make contribution to your SRS Account by 31 Dec 2022. SRS Contributions are capped yearly at $15,300 for Singapore Citizens and Permanent Residents and $35,700 for foreigners. Do note that there is an overall cap of $80,000 on the total amount of all tax reliefs that can be claimed (including any relief on SRS contributions) for a year. Details and qualifying conditions: https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/srs-contributions #iras#sg#taxes#taxtip#retirement#invest#reliefs

#TaxTip Enjoy tax deductions of 2.5 times the qualifying donation amount in Year of Assessment 2023 when you donate to any approved Institution of a Public Character (IPC) by 31 Dec 2022! You will not need to declare the donation amount in your income tax return as tax deductions for qualifying donations will be automatically reflected in your tax assessments based on information from the IPC. Details and qualifying conditions: https://www.iras.gov.sg/taxes/other-taxes/charities/donations-tax-deductions #iras#sg#taxes#taxtip#reliefs#donate#donations