General Changes

Personal Income Tax (”PIT”) of Tax-Resident Individual Taxpayers

Current The current progressive PIT rate structure for tax-resident individual taxpayers is as follows:

Current PIT Rates

Chargeable Income (S$) Tax Rate (%) Gross Tax Payable (S$)
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 -
11.5 3,350
4,600
On the first
On the next 120,000
40,000 -
15 7,950
6,000
On the first
On the next 160,000
40,000 -
18 13,950
7,200
On the first
On the next 200,000
40,000 -
19 21,150
7,600
On the first
On the next 240,000
40,000 -
19.5 28,750
7,800
On the first
On the next 280,000
40,000 -
20 36,550
8,000
On the first
In excess of 320,000
320,000 -
22 44,550

Proposed

The new PIT rate structure for tax-resident individual taxpayers, with effect from Year of Assessment (”YA”) 2024, is as follows:

Proposed PIT Rates

Chargeable Income (S$) Tax Rate (%) Gross Tax Payable (S$)
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 -
11.5 3,350
4,600
On the first
On the next 120,000
40,000 -
15 7,950
6,000
On the first
On the next 160,000
40,000 -
18 13,950
7,200
On the first
On the next 200,000
40,000 -
19 21,150
7,600
On the first
On the next 240,000
40,000 -
19.5 28,750
7,800
On the first
On the next 280,000
40,000 -
20 36,550
8,000
On the first
On the next 320,000
180,000 -
22 44,550
39,600
On the first
On the next 500,000
500,000 -
23 84,150
115,000
On the first
In excess of 1,000,000
1,000,000 -
24 199,150

From YA 2024, the income tax rate for non-resident individuals (except on employment income and certain income taxable at reduced withholding rates) will be raised from 22% to 24%.

Extensions to Existing Tax Incentives and Concessions

Withholding Tax (”WHT”) Exemption for Non-Tax-Resident Mediators

Current Non-tax-resident professionals are subject to WHT tax at a rate of 15% on gross income; or they may elect to be taxed at 22% on net income. As a concession, income derived by non-tax-resident mediators from mediation work carried out in Singapore is exempt from tax, subject to conditions.

This exemption is scheduled to lapse after 31 March 2022.