Fewer top earners but taxes they pay have gone up

Economists said the top marginal tax rate was increased from 20 per cent to 22 per cent for individuals with chargeable incomes in excess of $320,000.
Economists said the top marginal tax rate was increased from 20 per cent to 22 per cent for individuals with chargeable incomes in excess of $320,000.PHOTO: ST FILE

Fewer taxpayers made it to the millionaires' club in the last fiscal year, but their contribution overall to the Government's coffers was higher because of changes to the personal income tax structure, economists say.

The number of individuals earning assessable income above $1 million dropped about 5 per cent to 5,239 for the year ended March 31, compared with a 6.9 per cent increase to 5,524 in the previous fiscal year, according to the Inland Revenue Authority of Singapore (Iras).

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A version of this article appeared in the print edition of The Straits Times on September 27, 2018, with the headline 'Fewer top earners but taxes they pay have gone up'. Print Edition | Subscribe