18 Feb '11, 10am

#Singapore: Reduction of personal income taxes: PERSONAL income taxes will be reduced significantly for the midd...

#Singapore: Reduction of personal income taxes: PERSONAL income taxes will be reduced significantly for the midd...

PERSONAL income taxes will be reduced significantly for the middle and upper-income taxpayers, Finance Minister Tharman Shanmugaratnam announced in his budget speech on Friday. The government will do this by introducing a more 'progressive income tax schedule,' said Mr Shanmugaratnam. Middle-income earners will enjoy the largest percentage reduction in taxes. Those with chargeable incomes of $60,000 will now pay 25 per cent less tax, saving $650 a year. Those with incomes of $160,000 will save a smaller percentage of about 10 per cent, but as they pay higher taxes now, they will save about $1,600. For high earners, those above $330,000, they will save less than 1 per cent, or $350. This will cost the government about $590 million a year. And in view of the stronger than expected revenues the government collected in 2010, all resident taxpayers will get a rebate of 20 per c...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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