to 23 per cent for those with chargeable income of more than S$500,000 to S$1 million, and 24 per cent for those above S$1 million.Property taxes, which Mr Wong described as Singapore’s “principal means of taxing wealth”, will also go up.
This increase will impact the top 7 per cent of owner-occupied residential properties, such as condominiums located in central Singapore and large landed properties. A transition framework will be put in place for businesses to ensure they remain competitive. Households, which may feel the pinch through higher utility bills, will also get additional support.
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