๐Ÿ“Š Understanding employment Income & it's Tax implications ๐ŸŒŸ

๐Ÿ“Š Understanding employment Income & it's Tax implications : Salaries, Bonuses, and More ๐ŸŒŸ

Since the deadline of employees' income submission to IRAS is by 1 Mar , Here's a concise overview, brought to you by Valluva HR Solutions, your IRAS approved payroll vendor:

๐Ÿ’ฐ Taxes on Salaries:

  • Your received salary, in any form, for services provided as an employee, is generally taxable.

๐ŸŽ Taxes on Bonuses:

  • Bonuses from employment are taxable, whether contractual or non-contractual.

A. Contractual Bonus:

  • Paid according to service contract terms, these bonuses are taxable in the specified year.

  • If conditions for future bonus payments are met, you're taxed when received. If not met and returned, adjustments occur.

B. Non-contractual Bonus:

  • Employers can withdraw these bonuses at any time before payment, and they're taxed upon receipt.

๐Ÿ’ผ Taxes on Director's Fees:

  • Fees sourced where the company resides are taxable, typically upon approval or service.

๐Ÿ“ˆ Taxes on Commission:

  • Commission for services provided is taxable, whether received as an employee or self-employed.

๐Ÿข Taxes on Other Employment Income:

  • Allowances, benefits-in-kind, pension contributions, and tax borne by the employer are taxable.

  • Payments for restrictive covenants and certain benefits-in-kind may be non-taxable.

๐ŸŽ‰ Concessionary Tax Treatment on Overseas Pension/Provident Fund Contributions:

  • With changes effective from YA 2025, the concessionary tax treatment will cease, making employer's contributions to overseas pension or provident funds taxable to employees upon contribution and deductible to employers as per normal tax rules.

Understanding these nuances ensures compliance and informed financial management. Optimize your tax strategy with Valluva HR Solutions! ๐Ÿ’ผ๐Ÿ’ก #Taxation #IncomeTax #IRAS #ValluvaHRSolutions

Schedule your demo here - www.calendly.com/valluva



https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/employment-income/salary-bonus-director's-fee-commission-and-others

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