Singapore to Hike Personal Income Tax For Top-Earners From 2024

Singapore will raise personal income taxes for those earning above S$500,000 ($372,380) from 2024, said Finance Minister Lawrence Wong in a budget speech Friday.

• NOTE: Current tax set at 22% for chargeable income exceeding S$320,000
• Tax rate unchanged at 22% for income between S$320,000 to S$500,000
• Will increase to 23% for income between S$500,000 and S$1 million
• Will rise to 24% for income in excess of S$1 million
• Increase is expected to affect the top 1.2 per cent of personal income taxpayers, and will raise S$170 million of additional tax revenue per year: Wong

To contact the reporter on this ...