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Singapore Budget 2015: Personal income tax rebate of 50% to benefit 1.5 million taxpayers

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SOME 1.5 million taxpayers in Singapore will benefit from a new personal income tax rebate of 50 per cent. This move, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday, will cost the government S$717 million.

For more stories, analysis and infographics on Singapore Budget 2015, head to btd.sg/budget_15

SOME 1.5 million taxpayers in Singapore will benefit from a new personal income tax rebate of 50 per cent. This move, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday, will cost the government S$717 million.

The cap has been set at S$1,000 to ensure that the benefits go mainly to the middle and upper-middle income groups. The rebate will be for the Year of Assessment 2015, which covers income earned in 2014.

READ MORE: Top marginal tax rate for higher income-earners to be raised to 22%; Anticipating details of Silver Support SchemeCPF contribution for "working years" to go up, Silver Support scheme introduced

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