Archive

Singapore Budget 2012 - Personal Income Tax

One-off Personal Income Tax Rebate for Resident Individual Taxpayers

With effect from YA 2012, a more progressive personal income tax schedule will be introduced. In particular, the marginal tax rates will be reduced for the first $120,000 of chargable income.

Tax structure with effect from YA 2012
Chargable Income *
(S$)		Tax rateGross tax payable
(S$)
on the first
on the next		20,000
10,000		0%
2%		0
200
on the first
on the next		30,000
10,000
3.5%		200
350
on the first
on the next		40,000
40,000
7%		550
2,800
on the first
on the next		80,000
40,000
40,000
11.5%
15%		3,350
4,600
6,000
on the first
on the next		160,000
40,000
120,000
17%
18%		13,950
6,800
21,600
on the first
in excess of		320,000
320,000
20%		42,350

Enhanced Earned Income Relief (EIR) for elderly and handicapped workers

With effect from Year of Assessment (YA) 2013, the amount of EIR and Handicapped EIR will be increased to encourage elderly workers to stay employed and to provide more support to handicapped workers.

 

Singapore Budget 2012 - Other Changes

 

Permanent GST Vouchers Scheme

Lower-income families will receive GST offsets via three components: Cash, Utilities-save rebates, and CPF Medisave top-ups for older Singaporeans. The voucher will fully offset the 7% GST that the lower half of retiree households pay on their expenses.
Back to Home Page
© 2024 Maven Corporate Svcs Pte Ltd. | All Rights Reserved
Powered by Tracksys