Money Matters:

Two Singapore-based financial advisors answer questions from our readers on taxation and other economic considerations to keep in mind when relocating.

Financial pointers to remember when relocating

Plan your financial move well in advance of the physical move

Before you get carried away with dreams of a new country and lifestyle, ANDREW TALBOT from Globaleye Wealth Management recommends ways to smooth the path for an easy financial transition.

How do I pay my outstanding Singapore tax before leaving the country?

There are lots of different ways to pay: by giro, online via the Inland Revenue Authority of Singapore (IRAS) website, at an AXS machine, via internet banking, or at DBS ATMS, post offices or SAM kiosks. You’ll need the Singpass twostep verification to log in to the IRAS website.

If I don’t pay my tax, will someone at Changi Airport tap me on the shoulder?

Only if your employment pass has been cancelled and the tax hasn’t been paid. The responsibility is with the employer to pay this from the last salary of the employee.

What if I receive a final payment from my Singapore job when I’m already living elsewhere? Is that taxed by Singapore? – and, if so, how do I pay it?

Yes, an updated notice of assessment will be submitted by the employer and it is the employer’s responsibility to pay the taxes to the IRAS. The employee will receive their final pay net of taxes paid by their employer.

What’s the situation for expats who are Permanent Residents?

When the time comes for your Permanent Residency (PR) to be reviewed, usually after five years, the authorities will look at whether you have paid any tax in the last three years. This could affect your chances of having your PR renewed, should you wish to do so. You can withdraw your CPF (Central Provident Fund) if your Permanent Residency is cancelled, but if you return to Singapore and the PR is reapproved then you would have to repay the CPF along with interest.

6632 8555 | globaleye.sg