It’s tax filing season again. The good news is that all tax residents this year will enjoy an income tax rebate of 50%, subject to a limit of $1k.
Announced by DPM Tharman in his Budget 2015 speech, this generous rebate is part of the SG50 Jubilee celebration.
Here’s our income tax calculator for this year (YA2015). Just enter your chargeable income (assessable income minus all applicable reliefs):
The above calculator is based on information from Inland Revenue Authority of Singapore (IRAS).
Even though the maximum individual tax rate is 20% (which will be raised to 22% in YA2017), most of us will be charged at a much lower rate due to the progressive tax structure. For example, if you are a resident and your chargeable income is $150k, your tax rate is only 7.63%.
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