Singapore will cut personal income taxes from the year of assessment 2012, costing the government $590 million a year, and will continue to review the top rate, Finance Minister Tharman Shanmugaratnam said in his budget speech today.
While the top personal tax rate is higher than in Hong Kong, “there is no pressing competitive need for us to reduce it at this point,” he said. The government will also provide a personal income tax rebate of 20% for the year 2011, he said, adding that the move will cost the government $580 million.
While the top personal tax rate is higher than in Hong Kong, “there is no pressing competitive need for us to reduce it at this point,” he said. The government will also provide a personal income tax rebate of 20% for the year 2011, he said, adding that the move will cost the government $580 million.
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