Singapore legislation

Clause 42

of Income Tax (Amendment) Bill

Clause 42

Amendment of Second Schedule

(1)

In the Second Schedule to the principal Act, in Part A —

(a)

delete Table 1;

(b)

renumber Table 2 as Table 1;

(c)

renumber Table 3 as Table 2;

(d)

in Table 2 (as renumbered by paragraph (c)), in the table heading, delete “YEAR OF ASSESSMENT 2017 AND SUBSEQUENT YEARS OF ASSESSMENT” and substitute “YEARS OF ASSESSMENT 2017, 2018, 2019, 2020, 2021, 2022 AND 2023”; and

(e)

after Table 2 (as renumbered by paragraph (c)), insert — “TABLE 3 RATES OF TAX ON CHARGEABLE INCOME OF AN INDIVIDUAL FOR YEAR OF ASSESSMENT 2024 AND SUBSEQUENT YEARS OF ASSESSMENT Chargeable IncomeRate of Tax For every dollar of the first$20,000Nil For 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 of the next$180,00022% For every dollar of the next$500,00023% For every dollar exceeding$1,000,00024%.”.

(2)

Subsection (1)(e) has effect for the year of assessment 2024 and subsequent years of assessment.

Read in full context — Income Tax (Amendment) Bill →