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Budget analysis and insights
August 2023
Update - Taxation of gains on disposal of foreign assets
Helping you achieve your tax function of tomorrow
Actionable insights for your tax transformation
The Minister has announced via the Budget 2022 that from Year of Assessment 2024 (income year 2023), a marginal tax rate of 23% would apply to annual chargeable income exceeding S$500,000 and up to S$ 1 million, with a 24% rate applicable to annual chargeable income exceeding S$ 1 million. You are welcome to use our Personal Income Tax Calculator to estimate your annual Singapore individual income tax payable from YA 2024 onwards to see how the increase in personal income tax rates will impact you.
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