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Singapore's personal income tax rates for resident taxpayers are progressive. This means higher income earners pay a proportionately higher tax, with the current highest personal income tax rate at 24%.
myTax Portal is a secured, personalised portal for you to view and manage your tax transactions with IRAS, at your convenience.
There is a personal income tax relief cap of $80,000, which applies to all tax reliefs, including tax relief on cash top-ups made to your CPF accounts. The tax relief cap will be shared for cash top-ups to Special Account (SA)/Retirement Account (RA) and/or cash top-ups to MediSave Account (MA) *.
May 6, 2024 · A resident individual's taxable income (after setoff of personal reliefs and deductions) is subject to income tax at progressive rates. Current rates from the year of assessment 2024 (income year 2023) are shown below.
Generally, all income earned in Singapore is subject to tax. Find out more about the taxability of the different types of income (e.g. employment, trade). IRAS 4mo ago
Personal Income Tax. It is the Government’s policy to keep our Personal Income Tax regime competitive and progressive. This encourages employment, innovation and enterprise, while ensuring that higher-income earners pay higher taxes. What are the Personal Income Tax rates?
Mar 13, 2024 · In Singapore, there are 12 income tax brackets from YA2024 (2 more compared to YA2023). The intention is to levy higher taxes on the highest-paid individuals. As you can see in the table below, those who earn $20,000 and below do not have to pay any income tax. According to the government, nearly 50% of workers in Singapore do not pay income tax.
