Personal Tax Matters

Personal Tax Matters

Personal tax reduced to 20% in YA 2007

Top personal income tax rate lowered from 22% to 21% with effect from YA2006, and further reduced to 20% in YA2007. Marginal tax rates of all other brackets also reduced. More details of tax rates can be found at http://app.feedback.gov.sg/asp/pol/pol01d1.asp?id=1502 .

Directors' fees that are voted and approved at the company's AGM in 2005 have to be declared in the respective directors Form IR8A. Company has to submit all of its employees' Form IR8A for the year ended 31 December 2005 by 1 March 2006.

Updated July 2006