The Business Times
SINGAPORE BUDGET 2024

Budget 2024: Individuals to get 50% personal income tax rebate for 2024

Tan Nai Lun

Tan Nai Lun

Published Fri, Feb 16, 2024 · 04:53 PM
    • The personal income tax rebate will be capped at S$200 so that benefits go mostly to middle-income workers.
    • The personal income tax rebate will be capped at S$200 so that benefits go mostly to middle-income workers. PHOTO: BT FILE

    AMID concerns around the rising cost of living, all tax resident individuals in Singapore will get a personal income tax rebate of 50 per cent for the year of assessment 2024.

    The amount will be capped at S$200 so that the benefits go mostly to middle-income workers, said Finance Minister Lawrence Wong in his Budget speech in Parliament on Friday (Feb 16).

    The rebate is expected to cost the government S$350 million.

    For more of BT’s Budget 2024 coverage, go to bt.sg/budget24

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