Mustank Hypersonic March 5, 2012 Share March 5, 2012 http://www.asiaone.com/News/Latest%2BNews/...304-331538.html Middle income earners to pay less income tax Singaporeans and permanent residents who earn less than $120,000 a year will see a reduction in their income taxes this year. -AsiaOne Sun, Mar 04, 2012 AsiaOne Singaporeans and permanent residents who earn less than $120,000 a year will see a reduction in their income taxes this year. This reduction will help middle income earners to cut back on paying more taxes. The previous tax rate of 3.5 per cent for the first $30,000 chargeable annual income has been reduced to 2 per cent. This means the gross tax payable will be $200, instead of the previous $350. The next tier of $40,000 chargeable income will have a tax rate of 3.5 per cent, compared to the previous 5.5 per cent, making the total amount of gross tax payable to be $550 instead of $900. Those who earn up to $80,000 a year will also see a 1.5 per cent reduction in their taxes from 8.5 per cent down to 7 per cent, or a gross tax of $3,350, instead of the previous tax rate of 8.5 per cent, or $4,300. The tax reductions are capped at an annual income of $120,000. These income earners will see a reduction of 3.5 per cent in their tax rate, reducing the gross tax payable from $11,200 to $4,600. Those who earn an annual income of $120,000 and above are not entitled to income tax reductions. The public is reminded to file their income tax returns online by April 18, or send in paper returns by April 15. For enquiries, taxpayers may call 1800-252 5011 or 1800-356 8300 or email IRAS via Contact Info at www.iras.gov.sg. ↡ Advertisement Link to post Share on other sites More sharing options...
Mustank Hypersonic March 5, 2012 Author Share March 5, 2012 Link to post Share on other sites More sharing options...
Mockngbrd Supersonic March 5, 2012 Share March 5, 2012 yay.... but what going to go up now? Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 5, 2012 Share March 5, 2012 potential haolian thread spotted Link to post Share on other sites More sharing options...
Jman888 Moderator March 5, 2012 Share March 5, 2012 potential haolian thread spotted you mean like yah.... $20,000 no need to pay tax at all [bounce2] Link to post Share on other sites More sharing options...
KARTer 2nd Gear March 5, 2012 Share March 5, 2012 potential haolian thread spotted After reading your Post, a few MCFers pressed "cancel" iust after drafting HL posts for this thread Link to post Share on other sites More sharing options...
KARTer 2nd Gear March 5, 2012 Share March 5, 2012 (edited) potential haolian thread spotted Can worKers ask boss cut their Pay from 120K to 119,999? Maybe nett after tax income better! Edited March 5, 2012 by KARTer Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 5, 2012 Share March 5, 2012 you mean like yah.... $20,000 no need to pay tax at all [bounce2] ya loh haolian how can jus restricted to rich, poor also can Link to post Share on other sites More sharing options...
Thedream 3rd Gear March 5, 2012 Share March 5, 2012 potential haolian thread spotted i know... "since i don't qualify for this, are they telling me that I'm a top income earner just because i earn more than this?" Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 5, 2012 Share March 5, 2012 Can worKers ask boss cut their Pay from 120K to 119,999? Maybe nett after tax income better! no they only volunteer to donate more to CDAC Link to post Share on other sites More sharing options...
Tigerwoods Turbocharged March 5, 2012 Share March 5, 2012 yay.... but what going to go up now? GST now is very very possible to go up to 10%... I'd say by next year Link to post Share on other sites More sharing options...
Vid Hypersonic March 5, 2012 Share March 5, 2012 GST now is very very possible to go up to 10%... I'd say by next year I agree That is a very likely possibility Link to post Share on other sites More sharing options...
Vid Hypersonic March 5, 2012 Share March 5, 2012 i know... "since i don't qualify for this, are they telling me that I'm a top income earner just because i earn more than this?" No they just want to make you poorer to close the income gap Link to post Share on other sites More sharing options...
Vid Hypersonic March 5, 2012 Share March 5, 2012 Can worKers ask boss cut their Pay from 120K to 119,999? Maybe nett after tax income better! No need lah. Just donate to charity can liao Link to post Share on other sites More sharing options...
Watwheels Supersonic March 5, 2012 Share March 5, 2012 GST now is very very possible to go up to 10%... I'd say by next year Dun anyhow say lah. Our GDP so good previous year still up GST? For what reason? Link to post Share on other sites More sharing options...
Maroon5 5th Gear March 5, 2012 Share March 5, 2012 GST now is very very possible to go up to 10%... I'd say by next year if GST up, wil b quite jialat since almost everything here is imported. Link to post Share on other sites More sharing options...
JackRabbit 3rd Gear March 5, 2012 Share March 5, 2012 Dun anyhow say lah. Our GDP so good previous year still up GST? For what reason? The reason: "Better to take the bitter medicine now" .... you never hear before? The Eminem fella with the knuckle duster say one Link to post Share on other sites More sharing options...
PaiKia-Lee 1st Gear March 5, 2012 Share March 5, 2012 potential haolian thread spotted I am not trying to haolian here.. seriously. anyone know how much I have to pay in tax? My monthly income is abour $30,000 on a really terok month and about $100,000 on an average month. Prior to year end my income will hit about S$200,000 a month. Sometimes I get so pissed off by the government for changing the income tax rate like how I change my red panty daily. How I wish I can just throw them a lump sum of $100,000 a year in tax consistently so that I wont be bothered to file for tax. *yawn* ↡ Advertisement Link to post Share on other sites More sharing options...
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