News

Economy

Staff Reporter

, Singapore

Published:

2 years ago

1220 views

Photo by Jahoo Clouseau: https://www.pexels.com/photo/photography-of-city-during-dusk-867092/

Budget 2024: Singapore to issue 50% personal income tax rebate

The rebate is capped at $200.

Singaporeans will get a 50% personal income tax rebate capped at $200 for 2024 due to concerns over the cost of living.

During his budget delivery, Deputy Prime Minister Lawrence Wong said the move, which will benefit middle-class income workers, will cost the government $350m.

Aside from this, the government will increase the annual income threshold for dependent-related reliefs to $8,000 by 2025.

This is double the current threshold for dependent-related reliefs which stands at $4,000.

Follow the link for more news on

Singapore Budget

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