Income TaxAug 15, 2025
What are Singapore's progressive income tax rates for residents in YA2025?
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Singapore uses a progressive tax system for tax residents, meaning higher portions of your income are taxed at higher rates. For YA2025 (income earned in 2024), the rates are as follows:
| Chargeable Income (S$) | Tax Rate |
|---|---|
| First 20,000 | 0% |
| 20,001 to 30,000 | 2% |
| 30,001 to 40,000 | 3.5% |
| 40,001 to 80,000 | 7% |
| 80,001 to 120,000 | 11.5% |
| 120,001 to 160,000 | 15% |
| 160,001 to 200,000 | 18% |
| 200,001 to 240,000 | 19% |
| 240,001 to 280,000 | 19.5% |
| 280,001 to 320,000 | 20% |
| 320,001 to 500,000 | 22% |
| 500,001 to 1,000,000 | 23% |
| Above 1,000,000 | 24% |
Key points to note:
- The first S$20,000 of chargeable income is tax-free for residents.
- Starting from YA2024, a new bracket of 23% applies to income between S$500,001 and S$1,000,000, and 24% applies to income above S$1,000,000.
- Chargeable income is your total assessable income minus allowable deductions and personal reliefs.
- Singapore has no capital gains tax, so investment profits from shares, property (subject to certain conditions), and other assets are generally not taxed.
- There is also no tax on dividends received from Singapore-resident companies, as these are taxed at the corporate level.
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Disclaimer: This information is for general educational purposes and is not professional tax advice. Tax situations vary. Consult a qualified tax professional for advice specific to your circumstances.