In this year’s Budget, several adjustments were proposed to personal income tax and the Central Provident Fund (CPF) scheme, reflecting the Government’s commitment to social equity and supporting Singaporeans’ retirement adequacy.
To commemorate Singapore’s 60th year of independence, a one-time personal income tax rebate of 60% of tax payable will be granted for the Year of Assessment (YA) 2025, applicable to income earned in 2024. This rebate is capped at $200 per taxpayer, and is designed to provide financial relief, especially for the lower- to middle-income earners. This rebate will be automatically applied by the Inland Revenue Authority of Singapore for Singapore tax resident individual taxpayers.
Contact us
Marcus Lam
Executive Chairman, PwC Singapore
Patrick Yeo
Return to our commentary page
