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Chee Hong Tat on Income Tax (Amendment) Bill

10:18 Min

The Government estimates that it could raise around S$170 million of additional tax revenue per year from higher taxes for top-tier earners. This will come from the top marginal personal income tax (PIT) rate from the Year of Assessment 2024. A resident with chargeable income in excess of S$500,000 to S$1 million will be taxed at 23 per cent, while income in excess of S$1 million will be taxed at 24 per cent. Both taxes will go up from the current 22 per cent. Senior Minister of State for Finance Chee Hong Tat elaborated on these proposed changes to implement the tax measures from Budget 2022 in Parliament on Monday (Oct 3). He said this will further enhance the progressivity of Singapore's PIT system, where individuals who earn more will contribute more. Mr Chee also elaborated on the proposed changes to support data-driven policymaking operations and improve public office operations and integrated services. One relates to granting powers to the Inland Revenue Authority of Singapore to disclose information to other Government agencies for the purpose of performing official duties as long as the taxpayers have given consent.

The Government estimates that it could raise around S$170 million of additional tax revenue per year from higher taxes for top-tier earners. This will come from the top marginal personal income tax (PIT) rate from the Year of Assessment 2024. A resident with chargeable income in excess of S$500,000 to S$1 million will be taxed at 23 per cent, while income in excess of S$1 million will be taxed at 24 per cent. Both taxes will go up from the current 22 per cent. Senior Minister of State for Finance Chee Hong Tat elaborated on these proposed changes to implement the tax measures from Budget 2022 in Parliament on Monday (Oct 3). He said this will further enhance the progressivity of Singapore's PIT system, where individuals who earn more will contribute more. Mr Chee also elaborated on the proposed changes to support data-driven policymaking operations and improve public office operations and integrated services. One relates to granting powers to the Inland Revenue Authority of Singapore to disclose information to other Government agencies for the purpose of performing official duties as long as the taxpayers have given consent.

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