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Singapore Top Marginal Personal Income Tax Will Be Increased with Effect from the 2024

Tiger Newspress2022-02-18

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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Comment17

  • ECHP
    ·2022-02-22
    ok
    Reply
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  • Huatkor
    ·2022-02-18
    Oh no. Covid it’s your fault!!
    Reply
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  • ANNIEPLTAN
    ·2022-02-18
    Time to recuperate after 3 year of deficit budget.
    Reply
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  • Lim89
    ·2022-02-18
    Godlike 
    Reply
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  • rachellll
    ·2022-02-18
    A
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  • LuckyPiggie
    ·2022-02-18
    No chance for me [LOL] 
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  • haircut
    ·2022-02-18
    Yes
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  • aminkaka
    ·2022-02-18
    Thats fair right. Rich people need to pay higher tax compare to middle & low income
    Reply
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  • koolgal
    ·2022-02-18
    It's tax the rich more and help the poor and needy.  That's the new tax guidelines for 2024. 🤔
    Reply
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  • gangan
    ·2022-02-18
    Greedy to the max those mf
    Reply
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  • Carl W
    ·2022-02-18
    This is great - high income folks should get taxed more, it's necessary and fairer than GST increases that may affect livelihoods of the lowest income folks.
    Reply
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  • Fazzy
    ·2022-02-18
    Singapore Power ⚡️
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  • Ah Deck
    ·2022-02-18
    [OMG] 
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  • MBR Options
    ·2022-02-18
    It doesn't really affect the small to middle income. I think this is better than increasing the GST
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  • ShadowBan
    ·2022-02-18
    booooo
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  • Tiger7989
    ·2022-02-18
    OK, please. Garment huat big big
    Reply
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  • MuffinsDaddy
    ·2022-02-18
    K
    Reply
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