As we progress in our career, it's natural that our chargeable income increases, which is likely to result in higher income tax. Fortunately, you can reduce chargeable income effectively by understanding the different tax relief schemes available.
Current Tax Rate In SingaporeSingapore has a progressive personal income tax ranging from 0% at its lowest to 22% at its highest, where those earning less than S$30,000 per year are taxed the least and those earning S$320,000+ are taxed the most. In terms of calculating taxes, rates are typically split. A base amount of income is charged a fixed amount, and income beyond the base is charged at a specific tax rate. A chart showing the breakdown of tax rates is shown below.
Tax liability increases significantly as chargeable income increases. For example, if you're earning S$30,000 per year, the first S$20,000 of your salary will
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