The public is reminded to file their income tax returns online by April 18, or send in paper returns by April 15.
Singaporeans and permanent residents who earn less than $120,000 a year will see a reduction in their income taxes this year.
The previous tax rate of 3.5 per cent for the first $30,000 chargeable annual income has been reduced to 2 per cent. This means the gross tax payable will be $200, instead of the previous $350.
The next tier of $40,000 chargeable income will have a tax rate of 3.5 per cent, compared to the previous 5.5 per cent, making the total amount of gross tax payable to be $550 instead of $900.
Those who earn up to $80,000 a year will also see a 1.5 per cent reduction in their taxes from 8.5 per cent down to 7 per cent, or a gross tax of $3,350, instead of the previous tax rate of 8.5 per cent, or $4,300.
The tax reductions are capped at an annual income of $120,000. These income earners will see a reduction of 3.5 per cent in their tax rate, reducing the gross tax payable from $11,200 to $4,600.
Those who earn an annual income of $120,000 and above are not entitled to income tax reductions.
For enquiries, taxpayers may call 1800-252 5011 or 1800-356 8300 or email IRAS via Contact Info at www.iras.gov.sg.
ORIGINAL SOURCE
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