Yahoo! Singapore News, 5 Mar 2012There is joy for Singaporeans in the middle after all, as the Inland Revenue Authority of Singapore (IRAS) over the weekend announced a more progressive tax rate structure for citizens, with the middle-income earners benefiting from the largest reductions.
While taxes payable remain about the same for the lowest income bracket of chargeable income earned—taking a dip from 3.5 per cent to two per cent on the next $10,000 earned after the first $20,000, those who earn between $40,000 and $120,000 in chargeable income annually will enjoy up to 2.5 per cent tax deductions, with those earning up to $120,000 having to pay up to $6,600 less than they used to. Full story
