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What are SRS’s tax benefits?

SRS’s main advantage is the tax benefits it offers. Whatever amount you contribute to your SRS account is fully deducted from your tax bill that year (Singaporeans and PRs can contribute to their SRS bank accounts up to $15,300 SGD per year, and foreigners can contribute up $35,700 SGD per year). These contributions lead to significant tax savings: Singaporeans who max out their SRS contributions can decrease their taxes by up to $3,366 SGD each year, depending on their tax bracket. Foreigners, given their larger contribution cap, can save nearly $8,000 SGD per annum, totaling nearly $80,000 SGD over the course of 10 years, assuming a full SRS contribution during those 10 years.

 

Withdrawals at retirement (or when conditions are met) are given a 50% tax concession and can be spread over 10 years to minimize taxes.

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