Overview of Tax Changes in Singapore Budget 2022

The Inland Revenue Authority of Singapore (IRAS) has published an overview of tax changes in the Budget Statement for the Financial Year 2022 that was delivered on 18 February 2022 by Minister for Finance, Lawrence Wong. Some of the main changes for businesses are summarized as follows:

• The top marginal Personal Income Tax (PIT) rates will be increased with effect from Year of Assessment (YA) 2024, including new top rates of 23% on income of SGD 500,000 and 24% on income over SGD 1 million,…