Taxes Paid by Those with Assessable Income of More Than $320,000
04 Apr 2022Parliamentary Question by Mr Leong Mun Wai:
To ask the Minister for Finance (a) how many taxpayers have assessable income of more than $320,000 in 2019; and (b) what is the total assessable income and total taxes paid by them in 2019.
Parliamentary Reply by Minister for Finance, Mr Lawrence Wong:
Assessable Income refers to the total income of an individual minus allowable deductions such as business expenses, employment expenses and donations.
For the Year of Assessment 2020 which generally corresponds to income earned in 2019, around 70,000 taxpayers had an AI of more than $320,000. Their total AI was around $42.5 billion, and their total tax payable was $7 billion.