Starting from the 2024 assessment year, the marginal tax rates for taxable income will be adjusted as follows:
- For taxable income from SGD 320,000 to SGD 500,000, the marginal tax rate remains at the current 22%.
- For taxable income from SGD 500,000 to SGD 1,000,000, the marginal tax rate will increase to 23%.
- For taxable income above SGD 1,000,000, the marginal tax rate will increase to 24%.
This tax rate adjustment is expected to affect the top 1.2% of the highest-income taxpayers.
From the 2024 tax assessment year (YA), the new PIT (Personal Income Tax) rate structure for resident individual taxpayers in Singapore will be as follows: (Note: The details of the new PIT rate structure would typically follow this introduction, but they are not provided in the original text.)
How to Determine Your Singapore Tax Residency Status
In Singapore, personal income tax rates depend on an individual’s tax residency status. You will be considered a Singapore tax resident for a specific assessment year (YA) if you meet one of the following criteria:
- You are a Singapore citizen or a Singapore Permanent Resident who resides in Singapore, but you may be temporarily away from Singapore occasionally.
- You are a foreigner who stays or works in Singapore:
- For at least 183 days in the previous calendar year; or
- For three consecutive years, even if the duration of stay in Singapore in the first and/or third year is less than 183 days.
- You are a foreigner who works in Singapore for a continuous period spanning more than two calendar years, with a total stay of at least 183 days. This applies to employees working in Singapore but excludes company directors, public entertainers, or professionals.
