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07 April 2022

Singapore’s 2022 Budget Statement announces increase in top marginal personal income tax rates and updates to foreign workforce policies

On 18 February 2022, the Minister for Finance delivered the annual Budget Statement to Parliament, which included several key tax-related announcements.

Among the announced measures were changes to the tax brackets for individuals, including two new income bracket tiers and an increase to the top marginal personal income tax rate. Additionally, updates to the foreign workforce policies were also announced.

A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert

Document ID: 2022-5368

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