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 Relocating to SG

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hksgmy
post Jun 5 2024, 06:21 AM

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QUOTE(lawrencesha @ Nov 14 2021, 12:06 PM)
You only need to file for the first year. Usually company will assign a tax agent to assist with the filing for first year. After that, you just need to update your record. Company will handle your income submission. Just sit back and wait for the bill - can even apply for Giro/interest-free 10 months payment.
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That’s only if company is on auto inclusion scheme, but most companies in Singapore are.
hksgmy
post Jun 19 2024, 07:13 PM

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QUOTE(zlewe @ Jun 19 2024, 06:41 PM)
Tumpang thread

Do I need to declare zero income every year if I never worked in Malaysia before?

Context: went overseas for studies, subsequently stayed for work
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No. I've never worked in Malaysia, I've never paid any taxes, but then again, I've not enjoyed any benefits either. No subsidies. I've never been stopped at the airport or land checkpoint.
hksgmy
post Jun 20 2024, 09:18 AM

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QUOTE(apieh23 @ Jun 20 2024, 07:20 AM)
Ur ex employer supposed to send CP22A ( borang pemberitahuan berhenti kerja) then LHDN will kira all the tax u owe then/ they owe u and settle with u

Btw congrats. IRAS only come next year for u🤣
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Depending on the job's salary and structure, the actual tax payable in Singapore is surprisingly low!

For instance, I pay myself a fair remuneration package consistent and pegged to what a consultant specialist doctor with the same seniority would draw from the public sector, and the rest gets funneled into my company, which pays 17% in taxes (after a $100,000 tax free protection), and I get back the rest in tax-free dividends.
hksgmy
post Jun 20 2024, 10:35 AM

Doraemon!
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QUOTE(apieh23 @ Jun 20 2024, 10:28 AM)
Income tax here is relatively low, as SG gomen have multiple other income stream. Mainly taxed on consumption side, e.g GST, fuel tax, COE etc etc
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Agree. GST and COE alone is already high enough. And to be fair, there’s relatively little waste from the taxes collected ie not so corrupt. I’m not saying there is no corruption, I’m saying that it’s manageable and it’s strictly officially frowned upon.

 

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