Singapore tax: Some interesting credit

If you are filing tax in Singapore, then here is an interesting factoid - Any money/prize that you receive for innovation is non-taxable.

See http://www.iras.gov.sg/irasHome/page03_ektid1818.aspx [Point 3]. This has been a concession for a few years already. Also referred in this KPMG newsletter (Page 2).

Yours truly will be saving some 3k in tax due to this :-) Interestingly I was not even aware of this. Was browsing thru their site in Feb to research some withholding tax issues for a huge contract we signed at work and bitching as to why I was the one to do this work. A 3k payday is not bad.

Now all I need to do is get HR to correct the figures they submitted to IRAS regarding my income..