Tax Savy

08/04/2026

Following yesterday’s announcement, we’ve updated the Corporate Income Tax (CIT) rebate in Tax Savy from YA 2026 to 50% capped at $40,000.

You can now apply the latest changes directly in your tax computations.

17/03/2026

We are pleased to share the latest product developments in Tax Savy just launched last night.

1. Auto Retrieval of Ex Rate from MAS for non-SGD tax computations

Tax Savy can now automatically retrieve exchange rates directly from the Monetary Authority of Singapore (MAS).

Simply indicate the basis period of the tax computation, whether it is a full year or otherwise, Tax Savy will retrieve and compute the average exchange rate for you.

This works even for start-up companies where the first month of operations is an incomplete month. Tax Savy will retrieve the daily exchange rates for the first month and automatically compute the average rate of the basis period for you.

This removes the need for manual lookups and ensures that foreign currency conversions in tax computations use the official MAS rates.

2.Export Entire Tax Comp to Excel

You requested it. We built it!

You can now export the entire tax computation into Excel with a single click from the Content Page.

Together with the Export to PDF function, you now have the option to review computations, share them with clients, or retain a working file for your records, in either format.

These features are now available in the system.

As always, we welcome your feedback. If you would like a quick walkthrough of the new features and enhancements, we would be happy to arrange a demo.

26/02/2026

We are pleased to share the latest product developments in Tax Savy just launched last night.

1. Investment Holding Company Tax Proforma

The new Investment Holding Co tax computation format is now available in Tax Savy — delivered one month ahead of schedule.

You no longer need to prepare investment holding company tax computations manually on spreadsheets. The new format allows you to prepare computations directly within Tax Savy, including the ability to claim Foreign Tax Credits within the Investment Holding Co proforma.

This proforma is designed to streamline the preparation process with a clear structure, automated referencing, and alignment with Singapore income tax treatment requirements.

We will also be launching the proforma for Investment Holding Companies with service income and capital allowances soon. Stay tuned for further updates.

2. Unabsorbed Loss Items Summary

We have introduced a consolidated Unabsorbed Loss Items Summary schedule, providing a clear overview of:

- Loss items brought forward
- Current year utilisation
- Balances carried forward

The summary enhances transparency and reduces manual tracking across multiple YAs.

An additional feature allows tracking of non-SGD losses by year, including their respective exchange rates. This is particularly useful when preparing Form CS, as Tax Savy automatically converts to the SGD equivalent of these losses across multiple YAs, ensuring consistency and accuracy in reporting.

3. AI-assisted Detailed P&L Upload (Tax Adjustment Suggestions)

Tax Savy’s AI-assisted Detailed P&L tool has been enhanced and now suggests tax adjustments during the preparation process.

After loading the management P&L, simply type “Yes” in the prompt to initiate the grouping and tax adjustment suggestions.

This helps users identify likely tax adjustment items earlier, reduces manual review time, and speeds up preparation—while preserving user control for review and finalisation.

These features are now available in the system.

As always, we welcome your feedback. If you would like a quick walkthrough of the new features and enhancements, we would be happy to arrange a demo.

03/02/2026

Singapore Budget Wishlist: A Tax Perspective for SMEs

Tax is often seen as a compliance function, but at its best, it is a policy lever that shapes real business behaviour.

Most Budget wishlists today understandably focus on MNC priorities — BEPS 2.0, global minimum tax, and decarbonisation. Important issues, but ones that rarely move the needle for SMEs.

From an SME founder’s perspective, two areas deserve more attention:

1. Rethinking the Startup Tax Exemption Scheme

The current relief is modest and often irrelevant for early-stage companies. Converting it into more meaningful, carry-forward tax credits — while tightening anti-abuse rules — would better support real entrepreneurship.

2. Introducing targeted incentives for software development

In a digital economy, software is economic infrastructure. Yet most software development receives no enhanced tax treatment. If Singapore is serious about AI and tech competitiveness, this gap needs to be addressed.

Tax policy should not only keep Singapore globally compliant — it should also lower early-stage risk and encourage real experimentation.

Full article below 👇

Back when I was a student, I always liked tax not because I enjoyed memorising rules, but because my professor taught tax as a set of levers the government pulls to shape economic behaviour. From the Investment Building Allowance (IBA) in the 1940s to industrialise post-war Singapore, to the introdu

30/01/2026

✅ Tax Savy HP Calculator is now live — and yes, you requested it, we delivered.

Here’s how it works:
Just enter these 5 items: (1) Cost, (2) Deposit, (3) Tenor of the HP loan, (4) Monthly repayment (5) First date of instalment

…and Tax Savy will instantly generate the entire HP amortisation table for you — no formulas, no manual adjustments, no second-guessing.

Tax Savy will automatically group the principal paid into the correct YA and upload the information into our HP schedule.

Together with our HP upload template, managing HP assets have never been easier. You can upload multiple HP assets via the upload template or add new HP asset effortlessly using our HP calculator.

✨ With the HP Calculator + HP Upload Template, managing HP assets becomes:

Faster (seconds instead of hours)

Cleaner (no spreadsheet chaos)

More reliable (consistent YA grouping)

If you’d like a quick walkthrough, reach out to us for a no-obligations demo.

12/01/2026

Foreign Tax Credits don’t have to be complicated.

Tracking foreign income, managing unremitted amounts, comparing FTC pooling vs country-by-country — it’s a lot to juggle.

That’s why we built Tax Savy to handle the entire FTC workflow end-to-end:
✔ Tag foreign income correctly
✔ Track unremitted foreign income across YAs
✔ Link remitted income seamlessly to FTC
✔ Compare pooling, country-by-country, or hybrid methods
✔ Handle foreign currency automatically

No spreadsheets. No manual tracing. No guesswork.

🎥 Watch our 2-part tutorial series to see how it works:

Part 1: Foreign income & unremitted tracking

Part 2: FTC Schedule & computation

👉 Visit www.taxsavysg.com to see how Tax Savy simplifies complex tax workflows and helps your team work more efficiently.

31/12/2025

🎄 Season’s Greetings from Tax Savy — and a Little Year-End Gift 🎁

As we wrap up the year, we’ve rolled out a few new features to make your year-end and new-YA work just a little easier — our way of saying thank you.

🆕 What’s New in Tax Savy
We’ve rolled out new features to help tax teams reduce rework and streamline year-to-year tax computations:

1️⃣ Partial Data Roll Over (Delivered a month ahead of schedule)
You can now roll over selected data from a prior Year of Assessment into the current year’s tax computation.

The following are automatically carried forward:
• Movement schedules
• Renovation schedules
• Fixed asset summary
• Relevant capital allowance (CA) schedules
• Hire purchase data

No more manual re-entry of Tax Written Down Value (TWDV) or prior-year unabsorbed loss amounts.

2️⃣ Export to Spreadsheet
Export tax schedules directly into spreadsheet format for manual editing, review, or sharing.

3️⃣ Prior Year Capital Allowance (CA) Claim Upload
Upload prior-year CA claims directly into Tax Savy.

This feature is designed to help first-time users migrate historical CA data accurately into the platform, especially where CA claims have been deferred over several years.

We designed these enhancements help you lower your compliance cost in the new year.

Wishing you a Merry Christmas and a productive year ahead.

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24/11/2025

🚗💼 New Tutorial: Mastering the Hire Purchase Schedule in Tax Savy

If you’ve ever dealt with hire purchase arrangements during tax season, you know the drill — multiple instalments, principal breakdowns… and the spreadsheet acrobatics that come with them.

Good news: it doesn’t have to be that complicated anymore.

Our latest Tax Savy Tutorial Video walks you through how to manage your Hire Purchase Schedule from start to finish. In this quick step-by-step guide, you’ll learn how to:

✅ Add new hire purchase assets
✅ Track principal repayments properly
✅ Generate clean, accurate supporting schedules

No more second-guessing your formula cells. No more reworking the numbers every year. Just a smooth, structured workflow that keeps everything in sync with your capital allowance schedules.

Whether you’re new to the feature or just want a quick refresher, this tutorial will help you save time — and avoid the usual HP headaches.

19/11/2025

🌏 Big news from Tax Savy!

We’ve just launched 3 new international tax features to help you manage foreign income and FTC claims faster and more accurately:

1️⃣ Unremitted Foreign Income Tracking
Track by YA and income type, and automatically calculate remittances, foreign taxes and share of expenses.

2️⃣ Foreign Tax Credit (FTC) Schedule
Choose between Country-by-Country / Source-by-Source or FTC Pooling — or use a hybrid of both methods if a particular income does not meet FTC pooling requirements. Optimise your FTC claims with just a few clicks.

3️⃣ Foreign Trade / Branch Profits Schedule
Track branch profits and foreign taxes suffered, and link everything directly to your FTC schedule.

All features are now live inside Tax Savy.
Try them today — and let us know what you think!

26/09/2025

🚨 Tax folks, you asked. We built.

1. Double feature drop from Tax Savy this week:

🛒 Hire Purchase Module
• Upload ALL your client’s HP assets at once
• Defer or dispose with one click (not 37)
• Auto‑tagging of TWDV disposals so you never misplace a dollar again
Works for S19A, S19, S19B, and even S16 (LIA)

2. AI P&L Assistant
Got your management accounts in Excel?
Or PDF? Or a photo from your client's phone?
Doesn't matter — our AI turns it into a clean, upload-ready format that actually works.

🧠 Built for speed. Trained for accuracy.

Try it now live inside Tax Savy:
Hire Purchase Module: Go to CA Schedule → Add New Schedule → Hire Purchase

AI P&L Assistant: Go to Detailed P&L → Click “AI Assistant” → Click on the link

18/09/2025

Manual classification of fixed assets is tedious, error-prone, and time-consuming.

That’s why we built a custom ChatGPT prompt to help Tax Savy users automatically classify their fixed assets into the correct capital allowance (CA) categories in SECONDS.

In our latest tutorial, we’ll show you how to:
✅ Download the Fixed Asset Upload Template
✅ Fill in just 3 columns (Asset Class, Description, and Cost)
✅ Use our custom AI prompt to classify assets instantly
✅ Review the output for accurate tax treatment
✅ Upload it straight back into your schedule!

This workflow saves hours of manual work and ensures you apply the right CA treatment under Singapore income tax rules (S19A, S19B, S14N Renovation, etc.).

Claim your custom prompt here: https://www.taxsavysg.com/claim-chatgpt-tax-guide

Whether you're managing hundreds of assets or just a few — let AI do the heavy lifting.

11/09/2025

🛠️ New Tutorial Video: Stop Wrangling with your Fixed Asset Schedules!

Fixed asset schedules aren’t exactly the highlight of tax season but they don’t have to be painful.

Our latest Tax Savy Tutorial shows you how to:
✅ Prepare your Fixed Asset Schedules without breaking a sweat
✅ Organise assets so neatly, Marie Kondo would be proud
✅ Generate supporting schedules in just a few clicks

Think of it as spring cleaning for your fixed assets — faster, cleaner, and with way fewer spreadsheets.