It is tax filing season and some taxpayers are, to their dismay, facing a higher tax bill, the result of a new $80,000 cap on personal income tax relief.
First announced in Budget 2016, the measure applies from Year of Assessment 2018. It caps the total amount of all tax reliefs claimed, including any relief on Supplementary Retirement Scheme (SRS) contributions and other reliefs like the Working Mother's Child Relief (WMCR).
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