The Business Times
business-time-50
SINGAPORE BUDGET 2024

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

google-preferred-sourceAdd BT as a preferred source
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

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Singapore Budget 2024Taxes

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    The company says the disputes do not cast significant doubt on its viability as a going concern.

    Koh Brothers Eco Engineering faces up to S$57.6 million in potential legal liabilities

    Under the Philippines’ new policy, up to four EV models will be provided with as much as 15 billion pesos each in fiscal support, in the form of tax payment certificates.

    Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry

    Handled passively, satellite connectivity becomes a service that the telco distributes, while somebody else sets the economics.

    When every phone becomes a satellite phone, what happens to Asia’s telcos?

    The deal for the sale of Scotts Square mall, just off Orchard Road, is said to be in the early stages of being worked out, at a price of about S$320 million.

    Father-and-son duo Raj Kumar and Kishin in exclusive due diligence to buy Scotts Square

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More