AMID concerns around the rising cost of living, all tax resident individuals in Singapore will get a personal income tax rebate of 50 per cent for the year of assessment 2024.

The amount will be capped at S$200 so that the benefits go mostly to middle-income workers, said Finance Minister Lawrence Wong in his Budget speech in Parliament on Friday (Feb 16).

The rebate is expected to cost the government S$350 million.

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Credit : THE BUSINESS TIMES