Budget 2024: Annual income threshold for dependant-related reliefs to be raised to S$8,000 from YA2025

Published: Feb 17, 2024 by 
PropertyGiant Singapore
The annual income threshold for dependant-related reliefs will be raised to S$8,000, from S$4,000 currently. PHOTO: BT FILE
The annual income threshold for dependant-related reliefs will be raised to S$8,000, from S$4,000 currently. PHOTO: BT FILE

THE annual income threshold for dependant-related reliefs will be raised to S$8,000, from S$4,000 currently, from the Year of Assessment 2025, said Finance Minister Lawrence Wong on Friday (Feb 16).

Taxpayers can currently claim a range of dependant-related reliefs, if their dependants have an annual income of S$4,000 or less.

But the government has received feedback from members of the public, tax practitioners and labour Members of Parliament to consider raising this threshold, Wong said. This is due to rising costs of living and wage levels, he added.

Credit : THE BUSINESS TIMES

Economy
Taxes
Employment
Fiscal Policy

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