KPMG feels global decline in income tax rates may come to an end soon
Singapore remains a tax-friendly environment, but a study by KPMG has found that the global decline in top personal income tax rates over the past seven years may end soon, as governments worldwide seek new sources of stimulus spending.
According to the latest Individual Income Tax and Social Security Rate Survey, Singapore’s taxable income level where the highest rate of personal income tax takes effect stood at US$217,317 – the third highest among the countries surveyed, excluding Switzerland.
At current exchange rates, this means that Singapore residents would bear the highest rate of personal tax only if their taxable income level exceeds S$320,000. At 20 per cent, the top tax rate also remains relatively low.
The finding came as the top average personal income tax rate dropped 0.3 per cent worldwide in 2009 to 28.9 per cent from 29.2 per cent in 2008. Continue reading
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