In light of rising cost-of-living concerns, DPM Lawrence Wong announced in his Budget speech today (Feb 16) that the government will provide a personal income tax rebate of 50 per cent for the Year of Assessment 2024.
The rebate will be capped at S$200. The move, which will cost the government about S$350 million, will allow more Singaporeans to enjoy tax reliefs if they are providing for family members.
The income threshold for taxpayers who claim dependant-related reliefs will also be raised from S$4,000 to S$8,000, effective from Year of Assessment 2025.
Additionally, the relief will also apply to working mothers who are caring for children, as well as taxpayers who have topped up the CPF accounts of their spouses or siblings.
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