Enhance the progressivity of Personal Income Tax (\u201cPIT\u201d) of tax-resident individual taxpayers<\/em><\/strong><\/p>\n\n\n\n The top marginal personal income tax rate for resident individual taxpayers will be increased with effect from Year of Assessment (YA) 2024. The portion of chargeable income in excess of $500,000 up to $1 million will be taxed at 23%, while that in excess of $1 million will be taxed at 24%; both up from 22%.<\/p>\n\n\n\n The new personal income tax rate structure for resident individual taxpayers, with effect from YA 2024, is as follows:<\/p>\n\n\n\n Table 1: New personal income tax rates with effect from YA 2024<\/strong><\/p>\n\n\n\n The corresponding changes to the personal income tax rates for non-resident individual taxpayers (except on employment income and certain income taxable at reduced withholding tax rates) will correspondingly be raised from 22% to 24%.<\/p>\n\n\n\n Extend the WHT exemption for non-tax resident mediators<\/em><\/strong><\/p>\n\n\n\n The withholding tax exemption for non-resident mediators, which is scheduled to lapse on 31 March 2022, will be extended till 31 March 2023.<\/p>\n\n\n\n From 1 April 2023 to 31 Dec 2027, gross income derived by non-tax-resident mediators<\/strong> from mediation work carried out in Singapore will be subject to a concessionary withholding tax rate of 10%, subject to conditions. <\/p>\n\n\n\n Alternatively, non-resident mediators may elect to be taxed at 24% on the net income, instead of 10% on gross income.<\/p>\n\n\n\n Extend the WHT exemption for non-tax resident arbitrators<\/em><\/strong><\/p>\n\n\n\n The withholding tax exemption for non-resident arbitrators, which is scheduled to lapse on 31 March 2022, will be extended till 31 March 2023.<\/p>\n\n\n\n From 1 April 2023 to 31 Dec 2027, gross income derived by non-tax-resident arbitrators from arbitration work carried out in Singapore will be subject to a concessionary withholding tax rate of 10%, subject to conditions. <\/p>\n\n\n\n Alternatively, non-tax resident arbitrators may elect to be taxed at 24% on the net income, instead of 10% on gross income.<\/p>\n","protected":false},"excerpt":{"rendered":" On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Tax changes – Individuals Enhance the progressivity of Personal Income Tax (\u201cPIT\u201d) of tax-resident individual taxpayers The top marginal personal income tax rate for resident individual taxpayers will be increased with effect from […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18,8,6],"tags":[],"class_list":["post-1824","post","type-post","status-publish","format-standard","hentry","category-employment","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1824"}],"version-history":[{"count":3,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1824\/revisions"}],"predecessor-version":[{"id":1884,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1824\/revisions\/1884"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1824"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/i0.wp.com\/ehluar.com\/main\/wp-content\/uploads\/2022\/03\/image.png?resize=616%2C464\")
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