How many people made 6-figure salaries last year?
September 9th, 2008
I remember reading somewhere that there are about 70,000 people making $100,000 or more last year. Well, that figure is wrong, at least according to the latest annual report from IRAS.
As usual, I analysed the most important appendix in the IRAS report and found that 154,714 assessed taxpayers took home a 6-figure salary last year.
Yes, exactly 153,779 resident taxpayers and 935 non-resident taxpayers made $100k or more. Together, they form 18% of the (assessed) taxpayer population.
In this group, each individual made an average of $237k last year.
The average net tax assessed for this group is about $25k, or more than $2,000 a month.
Are you paying $2,000 in income tax a month?
BT Says:
September 10th, 2008 at 9:29 am
Are you referring to Business Times Weekend? If so, then maybe you remember wrongly. BT reported that 70,000 people were in the above-$150k bracket, which is correct based on the same IRAS appendix.
ExOfficio Says:
September 10th, 2008 at 1:42 pm
153,779 resident taxpayers and 935 non-resident taxpayers made $100k or more.
153,779 like very few. Singapore residents seem to earn more…maybe underdeclaring?
Dude Says:
September 10th, 2008 at 3:55 pm
If you earn more the $100k annually, I think you would easily qualify for PR-ship. Resident taxpayers include PR. That could account for the low the number of non-resident taxpayers.
Ben Says:
September 11th, 2008 at 1:08 pm
I’m puzzled why only 820+k people are paying taxes….
This includes foreigners right?
Low income Says:
September 11th, 2008 at 3:28 pm
To Ben: low-income earners are not even assessed for income tax. There are many low-income earners.
Wealth Journey Says:
September 23rd, 2008 at 4:41 pm
Income tax only discovers the one who earns six figures working..
there are also those getting six figures from investments that are not taxable.
taxpayer Says:
August 2nd, 2011 at 1:04 pm
this is the correct link:
http://www.iras.gov.sg/irasHome/pag...