Taxes paid in Singapore are amongst one of the lowest in the world. But I’m curious about how many percent of Singaporeans actually pay taxes. Five Stars and a Moon takes a graphical look at otherwise very boring data available on public domain.
31% of Singaporeans including persons not economically active. 41% of economically active Singaporeans pay income tax.
20% is the highest marginal tax rate, levied on income above $320,000. The first S$320,000 of income is taxed at lower rates.
If we add up all our taxes (income and property taxes, GST and other indirect taxes),
the top 20% of households contribute about 53% in 2010.” Separately, Corporate Income Tax (CIT) accounts for about 31% of taxes paid in Singapore for FY 2010/2011.
But all this data needs to be compared against another to give it meaning.
Let’s have a look at Hong Kong:
If you have reservations over the data presented, have a look at your income tax invoice (that probably just arrived in your mailbox about a week ago) – how much did you have to contribute?
*Source: Ministry of Finance, Singapore and the Inland Revenue Department of Hong Kong 2011.
by Five Stars & a Moon (blog)
Link : Income Taxes in Singapore