The deadline to file personal income taxes is on the 18th of April 2024. This is, in most cases, for personal income that was earned during the calendar year 2023.

 

Firstly, here are the Resident Income Tax rates for the Year of Assessment 2024 (YA2024).

Chargeable Income Income Tax Rate (%) Gross Tax Payable ($)
First $20,000
Next $10,000		 0
2		 0
200
First $30,000
Next $10,000		 –
3.50		 200
350
First $40,000
Next $40,000		 –
7		 550
2,800
First $80,000
Next $40,000		 –
11.5		 3,350
4,600
First $120,000
Next $40,000		 –
15		 7,950
6,000
First $160,000
Next $40,000		 –
18		 13,950
7,200
First $200,000
Next $40,000		 –
19		 21,150
7,600
First $240,000
Next $40,000		 –
19.5		 28,750
7,800
First $280,000
Next $40,000		 –
20		 36,550
8,000
First $320,000
Next $180,000		 –
22		 44,550
39,600
First $500,000
Next $500,000		 –
23		 84,150
115,000
First $1,000,000
In excess of $1,000,000		 –
24		 199,150

 

 

Secondly, these were the announcements made during budget 2024 concerning personal income taxes.

  1. There will be a personal income tax rebate of 50% of tax payable for all tax-resident individuals for YA2024. This rebate will be capped at $200 per taxpayer.

    Example:
    If the tax resident’s income is $30,000, the tax payable before the rebate is $200. After the rebate, the tax payable is $100.
    If the tax resident’s income is $40,000, the tax payable before the rebate is $550. After the rebate, the tax payable is $350. This is because the rebate will be capped at $200 per taxpayer and 50% of %550 is more than $200. Therefore, the rebate is $200.

  2. The dependant or caregiver’s income threshold for dependant-related reliefs will be increased to $8,000. The previous threshold was $4,000.
    The dependant-related reliefs are:
    i) Spouse Relief;
    ii) Parent Relief;
    iii) Qualifying Child Relief;
    iv) Working Mother’s Child Relief;
    v) CPF Cash Top-up Relief for top-up to the CPF account of spouse or siblings;
    vi) Grandparent Caregiver Relief.

 

Thirdly, these are the applicable caps to the reliefs that can be claimed:

  1. The amount of tax relief that a tax resident can claim is capped at $80,000.
  2. The maximum CPF cash top-up relief is capped at $16,000 ($8,000 for the tax resident and $8,000 for family members).
  3. The maximum CPF SRS contribution relief is capped at $15,300 (for Singapore citizens and PRs) and $35,700 (for foreigners).

 

Lastly, here are other tax reliefs to take note of

  1. Donations to the Community Chest or any approved Institution of a Public Character (IPC) will enjoy deductions of up to 2.5 times the qualifying donation amount for the next tax season. This is commonly referred to as donations to charity.
    For example, if a tax resident donates $1000 to an IPC in 2023, he will enjoy a tax deduction of $2,500 (2.5 times the qualifying donation amount) for YA2024.
  2. Qualifying Child Relief (QCR)/ Handicapped Child Relief (HCR).
  3. Working Mother Child Relief (WMCR). A working mother can claim WMCR even though she and/or her husband has already claimed QCR and/or HCR.
  4. Parenthood Tax Rebate.
  5. Parent Relief/ Handicapped Parent Relief.
  6. Grandparent Caregiver Relief (GCR).

 

E-filing started at the start of March 2024 and the deadline to file personal income taxes is on the 18th of April 2024. The Notice of Assessment (NOA) will be issued to the taxpayer shortly after the filing and the tax payable will need to be paid up within a month from the tax bill. Alternatively, the taxpayer can arrange for a Giro payment arrangement with IRAS to pay your tax bill over 12 months interest-free.

 

If you require assistance with your personal income tax filing, you may email the Raffles Corporate Service tax team at [email protected].

 

Yours sincerely,

The editorial team at Raffles Corporate Services