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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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13. Income Tax Planning

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Introduction

There are two things individuals cannot avoid in life: death and taxes. While you cannot avoid paying taxes to the government, you certainly can minimise your tax bill through effective tax planning. By reducing your tax burden, you are enhancing your disposable income. This chapter provides you with an overview of the Singapore tax system and some strategies for minimising your tax liability.

Objective of Income Tax Planning

The objective of personal income tax planning is to either minimise your income taxes or maximise your after-tax disposable income. This is achieved by exploiting the tax concessions provided ...

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