The Minister has announced via the Budget 2022 that from Year of Assessment 2024 (income year 2023), a marginal tax rate of 23% would apply to annual chargeable income exceeding S$500,000 and up to S$ 1 million, with a 24% rate applicable to annual chargeable income exceeding S$ 1 million. You are welcome to use our Personal Income Tax Calculator to estimate your annual Singapore individual income tax payable from YA 2024 onwards to see how the increase in personal income tax rates will impact you.
The global tax landscape is changing quickly, and the tax function is increasingly expected to contribute to a business’s success and drive growth.
It’s time to elevate the role tax plays in your organization to improve relationships with regulators and better manage emerging risks. With the aid of technology and data tools, the return on investment can be significant.
PwC has been consistently voted as a leading tax practice in surveys conducted by the International Tax Review. With more than 250 tax professionals and directors, we help individuals, businesses, both public and private organisations, with tax strategy, planning and compliance.
With member firms in the regional network, we offer a complete range of tax services, tailored to your specific industry, wherever you may need them. It's all part of our commitment to helping you address your company's business challenges around the corner.
Tax Leader, PwC Singapore
Tel: +65 9118 0811