-
Cut in individual income tax rates from
YA 2002
- Tax rates for all income tax brackets will be cut.
- Top rate to be reduced from 28% to 26%.
- Zero rate for first $7,500 of chargeable income.
- Median taxpayer will save 26% on tax bill.*
- $250 GST rebate.
-
For YA2001, personal income tax rebate of
10% (up from 5% for YA2000).
-
For entrepreneurs who are running their
own businesses,
- CPF policies will be adjusted so that self-employed receive
the same tax benefits as employees, i.e. tax exemption for
CPF contributions amounting to 36% of his income.
-
CPF Top-ups
- Second payment of the $500 to $1,700 CPF Top-Up announced
by Prime Minister in August last year will be given by Jan
2002.
-
Tax deduction allowed for share donations
made to charities with Institution of Public Character (IPC)
status
-
"Singapore Allowance" for pensioners
to be increased to $150 per month.
