18 Apr 2012 is the last day to file your Income Tax Return, there will be penalties for ailing to file by the due date. I would like to draw your attention that there is change of Tax rates for resident individuals this year as below:
| Chargeable Income | Rate (%) | Gross Tax Payable ($) |
|---|---|---|
| First $20,000 Next $10,000 | 0 2 | 0 200 |
| First $30,000 Next $10,000 | – 3.50 | 200 350 |
| First $40,000 Next $40,000 | – 7 | 550 2 800 |
| First $80,000 Next $40,000 | – 11.5 | 3 350 4 600 |
| First $120,000 Next $ 40,000 | – 15 | 7 950 6 000 |
| First $160,000 Next $ 40,000 | – 17 | 13 950 6 800 |
| First $200,000 Next $120,000 | – 18 | 20 750 21 600 |
| First $320,000 Above $320,000 | – 20 | 42 350 |
You can check past years’ income tax rate from IRAS website.
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