https://www.businesstimes.com.sg/op...ime-singapore-relook-personal-income-tax-free
With wages having risen considerably over that same period, not least due to inflation, perhaps this threshold should be raised too – so that a higher income level is tax-free.
Doing so would ensure that the tax burden remains appropriate for low-income earners, tax experts told The Business Times.
“With a significant surge in living costs in Singapore over the past few years, it looks appropriate for the tax-free threshold to be revised accordingly,” said Panneer Selvam, EY Asean people advisory services tax leader.
After 20 years, it could be time for Singapore to relook personal income tax-free threshold
Sharon See
Published Thu, Feb 01, 2024 · 5:00 amTax experts: After 20 years, it could be time for Singapore to relook personal income tax-free threshold
FOR the last 20 years, Singapore tax residents have not needed to pay tax on the first S$20,000 of chargeable annual income.With wages having risen considerably over that same period, not least due to inflation, perhaps this threshold should be raised too – so that a higher income level is tax-free.
Doing so would ensure that the tax burden remains appropriate for low-income earners, tax experts told The Business Times.
“With a significant surge in living costs in Singapore over the past few years, it looks appropriate for the tax-free threshold to be revised accordingly,” said Panneer Selvam, EY Asean people advisory services tax leader.
