Income Tax Act
It is the Government’s policy to keep our personal tax regime competitive to encourage employment, innovation, and enterprise. Singapore’s personal income tax schedule is progressive, with higher income earners paying a proportionately higher tax. The current top marginal personal income tax rate is 20%.
Singapore tax residents can also enjoy a range of personal tax reliefs and rebates granted by the Government in recognition of taxpayers’ efforts that are in line with certain social objectives such as taking care of their elderly parents and encouraging donations to the Institution of a Public Character (IPC).