In view of the below article, there is a strong possibility of an increase in tax rates. They may raise GST or Personal Income Tax or both.
Clients who are keen on lowering personal taxes can do a voluntary contribution to SRS Account.
The contribution cap for Singapore Citizens and Singapore PRs is S$15,300.
Please note that there will be a personal income tax relief cap of S$80,000, which will apply from Year of Assessment (YA 2018).
For more information on SRS, please click Here
You can also Top-Up your CPF accounts to reduce your Personal Taxes. The CPF Annual Limit is $37,740.
For more information on CPF Voluntary Contributions, please click Here
SINGAPORE: Prime Minister Lee Hsien Loong's comments on Sunday (Nov 19) that raising taxes is not a matter of whether, but when, is "in line" with what Deputy Prime Minister Tharman Shanmugaratnam had said in 2015 on the adequacy of revenue, the Ministry of Finance (MOF) said on Tuesday.
Read more at http://www.channelnewsasia.com/news/singapore/pm-lee-hsien-loong-tax-hike-dpm-tharman-mof-9427760
