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?
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.
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?
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.
I’m puzzled why only 820+k people are paying taxes….
This includes foreigners right?
To Ben: low-income earners are not even assessed for income tax. There are many low-income earners.
Income tax only discovers the one who earns six figures working..
there are also those getting six figures from investments that are not taxable.
this is the correct link: