Deputy Chairman of the MAS Board Lawrence Wong
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Singapore Selects Finance Minister Lawrence Wong as Leader of 4th Generation Team, Next Prime Minister of Singapore

15th April 2022 | Singapore 

Singapore ruling party People’s Action Party’s (PAP) has selected Finance Minister Lawrence Wong as the leader of the 4th generation leadership team, and the likely next Prime Minister of Singapore.  Lawrence Wong was a senior civil servant in the Government of Singapore and had entered into politics in 2011.  Today, Singapore is a leading financial centre in the world, ranked 6th worldwide (2022 Financial Centre Ranking), 3rd in Asia (Shanghai, Hong Kong, Singapore), and with more than $4.7 trillion Assets under Management.  In February 2022, Finance Minister Lawrence Wong had announced new taxes to redistribute wealth in the 2022 Budget for Singapore.  

” Singapore  Selects Finance Minister Lawrence Wong as Leader of 4th Generation Team, Next Prime Minister of Singapore “

Singapore Personal Income Tax to Increase to 24% for S$1 Million Earners & 23% for S$500k Earners, Impacts 1.2% of Taxpayers

Deputy Chairman Of The MAS Board Lawrence Wong
Deputy Chairman of the MAS Board Lawrence Wong

(2022 February) In the Singapore Budget 2022 announced by Singapore Finance Minister Lawrence Wong, will be increasing personal income tax from 22% to 24% for above S$1 million in chargeable income and to 23% for above S$500,000 in chargeable income.  Currently in Singapore, the personal income tax rate for in excess of S$320,000 in chargeable income is 22%.  This increase which will start from the Year of Assessment 2024 (income earned in 2023), will impact the top 1.2% income taxpayers in Singapore and is expected to raise $170 million in tax revenue per year.   Property tax for non-owner occupied residential properties will also be increased from 10% -20% range to 11% – 27% in 2023, and to 12% – 36% in 2024.  Property tax for owner occupied tax will also be increased from 4% – 16% to 5% – 23% in 2023, and 6% – 32% in 2024.  The property tax is expected to raise revenue by S$380 million a year.   Luxury car tax rate will also be increased, with a new additional registration fee (ARF) at a rate of 220% for cars with open market value in excess of S$80,000.  The luxury car tax increase is expected to generate S$50 million in tax revenue. 



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