View source for Income Tax in Singapore: Calculating Tax Payable (2020)

<blockquote>This entry is one of three '''Income Tax Guides''' for Singaporeans on Wiki.sg. Part One explains how you should calculate your income tax. Part Two complies the current [[Income Tax in Singapore: Income Tax Reliefs (2020)|Income Tax Reliefs in Singapore]] that can potentially reduce how much tax you pay. Part Three explains how to calculate your [[Income Tax Reliefs for CPF (2020)|CPF Reliefs]].</blockquote>[[File:IRAS Building Singapore.jpg|thumb|''The IRAS is the governing body for income tax matters in Singapore. Pictured: The facade of the IRAS building. ST File / [https://www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago Business Times].''|link=https://wiki.sg/p/File:IRAS_Building_Singapore.jpg]]Singapore has a relatively low income tax rate of '''<u>0 to 22%</u>'''. Taxpayers in Singapore with an annual income of ~$100,000 face a maximum rate of 11.5% compared to their counterparts in Japan (23%), Thailand (30%), New Zealand (33%), Canada (26%) and Germany (42%).<ref>"[https://blog.seedly.sg/income-tax-world-comparison/ Think You'll Be Paying Lesser Income Tax Elsewhere? Think Again….]” ''Seedly.'' March 9, 2020. Accessed on 10 March 2020.</ref> Singapore follows a '''<u>progressive income tax</u>''' model. Essentially the more you earn, the more income tax you pay. This entry illustrates how to calculate personal income tax in Singapore.