IRAS Clarifies
We thank Ms Crystal Tan for her feedback, “More help needed for beginner entrepreneurs from sandwich class” (TODAY Online, 23 Jun 2014), where she highlighted the financial difficulties her spouse faced as he had not set aside money to pay for the increase in their income tax arising from the gains from his share options.
Taxpayers who face substantial changes in their tax bills due to the taxation of share option gains can consider selling part of their shares to meet their tax obligations.
Ms Tan’s husband contacted IRAS in May and we proposed an instalment payment plan which Mr Tan had already accepted on 21 June.
We thank Ms Tan for the opportunity to clarify.
Jackalin Er (Ms)
Director (Corporate Communications)
Inland Revenue Authority of Singapore