The Inland Revenue Authority of Singapore (IRAS) has announced that from February 9 to March 15, 2009, individuals can opt to defer their income tax installment payments to help ease cash flow during the economic downturn.
The IRAS has advised individuals signing up for the deferment scheme that there will be no income tax deductions in May, June and July 2009, with income tax deductions for the Year of Assessment (YA) 2009 (i.e. tax payable on income earned in 2008) starting again in August 2009 and ending in April 2010.
Other current tax payment plans with IRAS (e.g. Property Tax and TV Licence Fee) will remain unchanged, the IRAS announced.
To be qualified as eligible for the deferment, taxpayers must be an individual tax resident for the Year of Assessment 2009, and on a monthly payment plan for Individual Income Tax Payment with IRAS.
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