The Business Times

Check your (tax) privilege

There is much that Singapore taxpayers can be thankful for

Published Sun, Apr 10, 2016 · 09:50 PM
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IT cannot be denied that life is full of difficulties but by the same token, there are positives too. Rather than focus on the negatives, it might be appropriate at this time of the year when individuals are filling in their tax returns to look at the positives that are available.

You can start by going to a little-known corner of the Internet where Singaporeans can check their tax privileges. Just Google "iras tax statistics" and you can find the website of the Inland Revenue Authority of Singapore (Iras).

There is plenty of juicy data there to ponder. For example, did you know that the top tier personal income tax bracket was 22 per cent way back during Years of Assessment 2003 to 2005?

The year of assessment (YA) refers to the year Iras calculates and charges you tax, for income earned the year before. The top tax rate was lowered by one percentage point in YA2006 and again the next year to 20 per cent in YA2007. Ten years later, for income earned this year assessed at YA2017, top-tier tax rates will rise again to 22 per …

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