Source:
http://www.iras.gov.sg/irasHome/page.aspx?id=15206
The breakdown is as follows:
Based on the data above, we can see that:
1) Most tax payers fall into the range of the 30k-40k annual income band. The tax residents pay earn an average annual income of 34.8k and pay $165 in taxes
2) 4220 tax residents fall into the range of the highest band (more than 1M in assessable income). In the previous year, there was only 3870 tax residents in this band. For YA2012, they earn an average annual income of 1.9M and pay $354,213 in taxes.
Based on an analysis done by salary.sg:
A $100k per-annum income will now place you at the 78.2th percentile, compared to 79.3th in the previous version of this tool (which uses last year’s IRAS data). This is a drop of almost 1 percentile.
Last year’s median income was $52,300. This year, it is $53,000.
If you make more than $91,500, you are in the top quartile (i.e. top 25%) of all resident taxpayers.
To be among the top 10% earners, you need an annual income of $171,000 or more.
To be at the 95th percentile (i.e. top 5%), you need to make at least $265,000 a year.
Other notes:
If you are interested to know how high or low our income is as compared to other tax payers, you can use the salary.sg calculator (link above) to check which percentile you belong to.
Do note the following:
1) The statistics are based on IRAS year of assessment 2012 data. The income and taxes information are based on your 2011 income.
2) The statistics above do not take into account of
individuals earning less than 20k per year as the first 20k of income is
not taxable.
Related Posts:
1 comment:
Hi,
We tried to look for your email contact but it does not seem to be available on your blog. So we are contacting you via a comment.
On behalf of the National Library Board (NLB), we would like to invite you to pledge your blog to the Singapore Memory Project (SMP).
We find that your entries about investments would be a great addition to the Singapore Memory Project.
We think your blog would offer a different perspective. Whether your posts are an account of your daily life or an expression of your thoughts, our project hopes to find a home for these memories so that it can help build a ground-up understanding of Singapore.
If you believe memories are worth preserving, simply pledge your blog here: http://singaporememory.simulation.com.sg/Public/Pledge.
The SMP is a national initiative started in 2011 to collect, preserve and provide access to stories, moments and memories related to Singapore. For more information about this initiative, you may wish to contact Mr Patrick Cher at patrick_cher@nlb.gov.sg or read the FAQ.
Yours sincerely,
Krishna
[Simulation Software & Technologies (S2T) Pte Ltd. is the officially appointed vendor for SMP for the period Nov 2012 to Dec 2013.]
Post a Comment