Resident tax rates and top rate
What is the top personal tax rate for residents?
The situation
Resident individuals pay progressive rates. From YA 2024, the top rate is 24% on chargeable income above S$1 million.
The law
- Income Tax Act 1947, resident individual rates: Progressive resident rates from 0% up to 24% on chargeable income above S$1 million
What it means for you
Lower bands start at 0% and rise gradually. Reliefs reduce chargeable income, subject to an overall relief cap. Non-residents pay different rates on employment income.
What to do
- Total your income.
- Deduct reliefs within the cap.
- Apply resident rates.
- Check your notice of assessment.
We can do this for youIndividual income tax return for employees and self-employed: SGD 200