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Ideally, you should set aside a portion of your monthly income for taxes. But if you find yourself short on cash come tax season, consider using a personal loan instead of taking out a cash advance on your credit card. The latter charges a high interest rate of 28% p.a., in addition to cash advance fees.
On the other hand, personal loan interest rates start at 8% p.a. If you are a new customer to a bank, you can even get great promotional rates as low as 4% p.a. The lower the interest is, the more money you save on interest payments.
In addition, personal loans are repaid through fixed monthly instalments, making it easy for you to budget around your repayments.
No, you do not have to declare your personal loan when filing your taxes.
Income tax is only applied on your income, which is money that you have earned through trade or work. A personal loan is not income, rather it is debt which you are obliged to pay back. Therefore, personal loans are not taxable under Singapore law. Since they are not taxable, there is no requirement for you to declare your personal loan in your tax filings.
No. Any loans taken in a personal capacity may not be claimed as a business expense when filing taxes for your company or organisation.
If your business runs into funding problems, you should try applying for a business loan instead. Unlike personal loans, business loans can be claimed as liabilities when making your profit-loss statement.
Most financial institutions in Singapore offer personal loans. In fact, you can use our free comparison tools to see all the personal loans in Singapore, and filter out the loans you will qualify for.
When choosing a loan, pay attention to interest rates. The right one for tax payments should have the lowest Effective Interest Rate, or EIR. The EIR serves as a more accurate reflection of the loan's annual costs. This includes not just the interest, but processing fees and other related costs.
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