Singapore legislation

Clause 50

of Income Tax (Amendment) Bill

Clause 50

Amendment of Second Schedule

(1)

Part A of the Second Schedule to the principal Act is amended —

(a)

by numbering the existing first and second Tables as TABLE 1 and TABLE 2, respectively;

(b)

by deleting the words “AND SUBSEQUENT YEARS OF ASSESSMENT” in the heading of TABLE 2 and substituting the words “, 2014, 2015 AND 2016”; and

(c)

by inserting, immediately after TABLE 2, the following Table:“TABLE 3RATES OF TAX ON CHARGEABLE INCOME OF AN INDIVIDUAL FOR YEAR OF ASSESSMENT 2017 AND SUBSEQUENT YEARS OF ASSESSMENTChargeable IncomeRate of taxFor every dollar of the first$20,000NilFor every dollar of the next$10,0002%For every dollar of the next$10,0003.5%For every dollar of the next$40,0007%For every dollar of the next$40,00011.5%For every dollar of the next $40,00015%For every dollar of the next$40,00018%For every dollar of the next $40,00019%For every dollar of the next$40,00019.5%For every dollar of the next$40,00020%For every dollar exceeding$320,00022%.”.

(2)

Subsection (1)(c) has effect for the year of assessment 2017 and subsequent years of assessment.