The cost of living in Singapore isn't exactly the lowest. In fact, according to the Economic Intelligence Unit, we're the most expensive city to live in in the world. But if there's one "cost" Singapore does pretty well in, it's our taxes. According to Trading Economics, Singapore ranks 47 out of 156 countries for the lowest personal income tax rates.
After the season of love in February comes a season of dread in March yup, it's tax season. While there's no way to avoid paying personal income taxes, there are ways you can reduce the amount of your precious earnings that you have to cough up. These include tax deductions or reliefs for retirement savings, having kids, taking care.
How to reduce your taxes? From making donations to paying your income tax with the best credit cards, there are many ways to lower your taxes in Singapore.