THE top marginal personal income tax will be increased with effect from the 2024 year of assessment, Finance Minister Lawrence Wong announced on Friday (Feb 18).
The portion of chargeable income in excess of S$500,000 up to S$1 million will be taxed at 23 per cent, while that in excess of S$1 million will be taxed at 24 per cent.
Separately, the anticipated rise in GST will be spaced out over two years -- increasing to 8% in January 2023 and to 9% in January 2024, Wong said.
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