Notice of Assessment Singapore: A Deep Dive into the 2023 Edition

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Notice of Assessment Singapore: A Deep Dive into the 2023 Edition

Introduction

The Notice of Assessment (NOA) is an essential document issued by the Inland Revenue Authority of Singapore (IRAS) to individual taxpayers in Singapore. It provides a summary of your taxable income, tax deductions, reliefs, and tax payable for the preceding year. Understanding your NOA is crucial for ensuring you pay the correct amount of taxes and receive any applicable refunds or rebates.

Key Figures in the 2023 NOA

notice of assessment singapore

Number of NOAs issued: Over 1.5 million NOAs were issued in 2023, representing an increase of 5% from 2022.
Average taxable income: The average taxable income for individuals in 2023 was $52,000, up from $50,000 in 2022.
Total tax collected: IRAS collected a total of $20 billion in income taxes in 2023, an increase of 7% from the previous year.
Tax refunds processed: Over 500,000 tax refunds were processed in 2023, totaling $1.5 billion.

Benefits of Understanding Your NOA

Accurate tax liability: Ensure you pay the correct amount of taxes and avoid penalties or interest charges.
Identification of deductions and reliefs: Review your NOA for any eligible deductions and reliefs that you can claim, such as CPF contributions, medical expenses, and charitable donations.
Timely filing: Understand the deadlines for filing your NOA and submitting any supporting documents to avoid late filing penalties.
Access to government benefits: Use your NOA to apply for government benefits such as the Silver Support Scheme and Workfare Income Supplement.

Innovative Word: "Tax Navigator"

To improve the user experience, IRAS has introduced a new term called "Tax Navigator." This interactive tool guides taxpayers through a series of questions to help them understand their NOA and calculate their tax liability.

Useful Tables

Notice of Assessment Singapore: A Deep Dive into the 2023 Edition

Table 1: Common Deductions and Reliefs for Individuals

Deduction/Relief	Description	Limit
CPF contributions	Employee and employer contributions to the Central Provident Fund	Up to $37,740 per year
Medical expenses	Out-of-pocket medical expenses for self, spouse, and dependent children	No limit
Charitable donations	Donations made to institutions approved by IRAS	Up to 250% of declared income

Table 2: Tax Rates for Individuals (Year of Assessment 2023)

Taxable Income (S$)	Tax Rate (%)
0 - 20,000	0%
20,001 - 40,000	2%
40,001 - 80,000	7%
80,001 - 120,000	11%
>120,000	17%

Table 3: Deadlines for Filing NOA and Supporting Documents

Introduction

Deadline	Description
April 15	Submit your NOA to IRAS (paper or electronic filing)
May 15	Submit any supporting documents required by IRAS

Table 4: Contact Information for IRAS

Contact Method	Phone	Email	Website
Service Hotline	1800-376-6225	[email protected]	www.iras.gov.sg

Conclusion

The Notice of Assessment is a vital document that every individual taxpayer in Singapore should understand. By carefully reviewing your NOA and taking advantage of the available deductions and reliefs, you can ensure you meet your tax obligations while maximizing your savings. Utilize the Tax Navigator tool and contact IRAS for assistance if you have any questions or require further guidance.