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Saktiandi Supaat on Income Tax (Amendment) Bill

07:49 Min

How many taxpayers will be affected by a planned increase in the top marginal personal income tax rate in Singapore? Since the plan was announced, has the Government detected any efforts by high-income individuals to "offshore" their earnings? These questions were raised by MP Saktiandi Supaat in Parliament on Monday (Oct 3). He said he was concerned that the lead time before the change kicks in for Year of Assessment 2024 will allow companies and individuals to restructure their remuneration packages and erode the additional revenue the Government expects to receive. Mr Saktiandi also spoke about a proposal to broaden the powers of the taxman to disclose tax information to any public officer for official purposes. He wanted to know if there will be enhanced safeguards to protect the secrecy of such highly sensitive and confidential data, and whether companies have been consulted on the likely impact they will face, the extent of data that can be disclosed without their consent and what it will be used for.

How many taxpayers will be affected by a planned increase in the top marginal personal income tax rate in Singapore? Since the plan was announced, has the Government detected any efforts by high-income individuals to "offshore" their earnings? These questions were raised by MP Saktiandi Supaat in Parliament on Monday (Oct 3). He said he was concerned that the lead time before the change kicks in for Year of Assessment 2024 will allow companies and individuals to restructure their remuneration packages and erode the additional revenue the Government expects to receive. Mr Saktiandi also spoke about a proposal to broaden the powers of the taxman to disclose tax information to any public officer for official purposes. He wanted to know if there will be enhanced safeguards to protect the secrecy of such highly sensitive and confidential data, and whether companies have been consulted on the likely impact they will face, the extent of data that can be disclosed without their consent and what it will be used for.

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