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Budget 2024: Singapore to provide 50 per cent personal income tax rebate for Assessment Year 2024
Lawrence Wong also announces changes in residential property tax rates, and extends ABSD concession to citizens aged 55 and above.
SINGAPORE — In light of rising cost-of-living concerns, Singapore will provide a personal income tax rebate of 50 per cent for the Assessment Year 2024. This will be capped at S$200, said Deputy Prime Minister Lawrence Wong during his Budget 2024 speech in Parliament on Friday (16 February).
The income threshold for taxpayers who claim dependant-related reliefs will also be raised from S$4,000 to S$8,000, with effect from Assessment Year 2025. The move will allow more Singaporeans to enjoy tax reliefs if they are providing for family members.
The relief also applies to working mothers who are caring for children, as well as taxpayers who have topped up the CPF accounts of their spouses or siblings.
Also read: Unspent 2023 CDC vouchers can be donated to charity in Singapore starting 1 December 2023
"Our ability to invest in our economy, our society and our resilience has to be anchored on a strong fiscal position. We spend our resources wisely and we take great care to provide for our children and our grandchildren," DPM Wong said.
"This is why I made major revenue moves in the last two budgets. These moves as have put us on a stronger fiscal footing for the next decade, while ensuring that our overall system of public finances remains fair and progressive."
Property tax rate, ABSD concession changes
DPM Wong also announced in his Budget speech that, from 2025, all annual-value (AV) bands of owner-occupied residential property tax rates will be raised, amid a significant rise in rents. This will uphold the intent of the property tax changes and ensure that those living in higher-value properties continue to pay their fair share of taxes.
The Inland Revenue Authority of Singapore (IRAS) will offer a 24-month interest free instalment plan to retirees living in higher-end residential homes who face cash flow issues when paying their property tax bills.
Meanwhile, the additional buyer's stamp duty (ABSD) concession for Singaporean married couples will be extended to single Singapore citizens aged 55 and above. This is to better support seniors who wish to right-size, and they will be able to claim a ABSD refund paid on their replacement private property if they sell their first property within six months of purchasing a lower-value replacement private property.
This ABSD concession will take effect immediately on 16 February.
DPM Wong says he will lower the ABSD clawback rate if developers sell at least 90 per cent of each development within the prescribed sale timeline. This will ensure that housing supply continues to be released promptly and also provide developers some flexibility.
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