Singapore Still Has Low Taxes, Even When It's Charging the Rich More
Singapore is raising the top marginal tax rate to 22 percent from 20 percent, the finance minister said in his budget speech on Monday, the first such increase in decades. Taking effect from 2017, the rate applies to those with a taxable income of more than S$320,000 ($235,000) a year, with smaller adjustments for others among the top 5% of earners. It will help fund more welfare spending and payouts for the elderly, the government said.
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