The government has previously announced that income tax rates for the highest earners will be increased for YA2024. Resident taxpayers’ chargeable income in excess of $500,000 up to $1 million will be taxed at 23 per cent, while income in excess of $1 million will be taxed at 24 per cent. Non-residents are taxed at either a flat rate of 15% or the new progressive resident tax rates, whichever is the higher tax amount.
To help our Salary.sg readers get ready for paying income tax, here’s our income tax calculator for the coming assessment year (YA2024). 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 24%, 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 $100k, your effective tax rate is just 5.65%.
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