Starting from Year of Assessment 2017, Singapore’s personal income tax rates for resident taxpayers start from the lowest rate of 2% (for chargeable income $20,001 – $30,000, first $20,000 at 0%) to the highest personal income tax rate at 22% (for chargeable income $320,001 onward).
The changes also mean that the tax rate for non-resident directors will also increase from 20% to 22%.
This is in line with other countries’ progressive tax systems where higher-income earners pay a proportionately higher tax than lower-income earners.
Contact your tax consultant now to know more!
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