Business Times reported today that the number of taxpaying millionaires has increased to 1,738. It was just 1,481 in 2004.
According to the latest IRAS Annual Report, there were 1,724 resident taxpayers with assessed income of more than $1,000,000. Non-resident taxpayers in the same income group numbered 14.
The number of taxpayers who reported income in the range of $500,001 to $1,000,000 is 4,726. These are the so-called “half millionaires”.
The Annual Report released this year (2006) reports on taxes collected in 2006, which means the information in the report is pertaining to the Year of Assessment (YA) 2005.