Page 20 - Budget-2018-Highlights-en-flip
P. 20
PERSONAL
INCOME TAX
Personal Income Tax Rates
Current
For Singapore tax residents, the income tax rates currently range from 0% for the first $20,000 of chargeable
income to 22% for chargeable income in excess of $320,000.
Proposed changes
There were no changes announced in the 2018 Budget Speech on personal income tax rates and personal reliefs.
There is also no one-off tax rebate announced for YA 2018.
The personal income tax rates as reflected in the Table below apply for the YA 2018.
On the first 20,000 0 0
On the next 10,000 2.0 200
3.5
On the first 30,000 7.0 200
On the next 10,000 11.5 350
15.0
On the first 40,000 18.0 550
On the next 40,000 19.0 2,800
19.5
On the first 80,000 20.0 3,350
On the next 40,000 22.0 4,600
On the first 120,000 7,950
On the next 40,000 6,000
On the first 160,000 13,950
On the next 40,000 7,200
On the first 200,000 21,150
On the next 40,000 7,600
On the first 240,000 28,750
On the next 40,000 7,800
On the first 280,000 36,550
On the next 40,000 8,000
On the first 320,000 44,550
In excess of 320,000
18 | RSM
