The government will raise personal tax rates of top income earners in Singapore which will take effect in 2017, announced Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam in his Budget 2015 statement this afternoon.
Mr Tharman noted that higher income earners have in recent years seen stronger income than average Singaporeans. As a result, further support for low-income households will come mainly from the rich.
The tax changes will affect the top five percent of income earners earning at least $160,000, while tax rates will be bigger for the highest income earners.
Personal income tax for those earning $320,000 and above will be raised by two percent to 22 percent. Meanwhile, a person earning $250,000 a year will have additional tax payable of $400.
Mr Tharman added that all taxpayers will receive a personal income tax rebate of 50 percent, capped at $1,000 per taxpayer for income earned in 2014.
Changes to personal income tax for high income earners
Source: Yahoo Singapore
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
