For those who have submitted your income tax return in April, have you received your notice of assessment yet? Can share with us your tax payable :)
In Feb 2008, Mr Sum Yee Loong of Deloitte & Touche presented the following statistics.
If you are an employee married with two children and earns a gross annual remuneration of $100,000, your effective tax is only 3.98%. The other countries cited:-
- Hong Kong 5.15%
-USA 5.35%
- Malaysia 19.26%
- China 20.84%
- India 31.88%
However, if you are an employee married with two children and earns a gross annual remuneration of $200,000, your effective tax would more than doubled to 9.13%. The other countries cited:-
- Hong Kong 11.08%
-USA 14.46%
- Malaysia 23.54%
- China 26.91%
- India 32.94%
Conclusion
While the change in effective tax rate is very high for Singapore for the two income brackets studied, Singapore still offer the lowest effective tax rates for your personal income.
What is your effective tax rate?
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