TERRA ADVISORY SERVICES
Here are 10 simple, legal ways to reduce your income tax .
Many taxpayers miss straightforward opportunities to reduce tax. Consider: increasing CPF and SRS contributions, claiming spouse/child/parent reliefs, using course-fees relief, making deductible donations, and timing certain income. For complex cases (rental, foreign income, share schemes) professional advice can unlock further savings.
Tax rules, reliefs and contribution limits (like SRS or CPF top‑ups) can change every year. Because each relief has its own eligibility rules and caps, using old numbers can cause mistakes, extra tax or penalties.
Before you act, check the latest info from official sources: IRAS for tax rules, the Ministry of Finance for Budget changes, CPF Board and your bank for contribution limits and deadlines. Quick checklist: confirm the current limit, keep receipts, make sure the relief doesn’t clash with other schemes, and ask a qualified tax adviser or IRAS for help if your situation is complicated.
Important Notice: This list presents common tax planning strategies for consideration. The eligibility and effectiveness of each method depend on your company’s specific activities, structure, and compliance with IRAS regulations. Incorrect application can lead to penalties. Terra Advisory Services strongly advises consulting with our tax experts to implement legitimate and optimized tax strategies tailored to your business.