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Old 02-10-2015, 02:35 PM
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No one really asked but that's a damn good question, currently I pay about 24k pa on my taxable income split between salary, rental & investment company (rental income revenue). I discussed approaches with my accountant on how to vary the income allocation for the company but because its a partnership didn't make too much difference. In short our tax laws here are very efficient hard to find loophole (legal ones)

My overseas properties have to declare tax also to the local govt (so called 1st world nations), 30 - 40% on rental income. The only way is to consider property investment in 3rd world nation with laxer tax laws but you be expose fx or worse issues.

I get dividends from my pte ltd firms which declare Tier 1 system (tax exempt), but this has to depend on the nature of the business your vested in. Property derived is not permitted Tier 1 I believe. Not too familiar with the working of this so seek proper advise if you consider this route.

Btw don't try to be funny with IRAS, I was invited to lim kopi with their senior tax on some GST claims I can I tell you their system have records of almost everything you have in Singapore.

I got a tax reduction this year cause I just had a kid, that's a legal loophole if you want to consider

Originally Posted by Unregistered View Post
I have yet to come across any post on the income tax that people pay, only on claims of their incomes (whether salary or passive).

I have been paying above $20k pa income tax since 2011. Last year, it rose to $26K+. As it is quite substantial (at least to me), I opted for monthly deduction of $2.2k.

It eats up quite a bit of my passive income.

So when I retire, this amount ($26K pa) will be the immediate savings.

Anyone has similar experience? How to minimise the income tax?
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