Up to S$200 personal income tax rebate for assessment year 2024: Budget 2024

In light of cost of living concerns.

Belmont Lay | February 16, 2024, 05:40 PM



Deputy Prime Minister Lawrence Wong said at the 2024 Budget statement that there will be a personal income tax rebate of 50 per cent for the assessment year 2024, capped at S$200.

This was in response to cost of living concerns.

The rebate will cost the government S$350 million, Wong said.

Currently, taxpayers may also claim a range of dependant-related tax reliefs, if the dependants have an annual income of S$4,000 or less.

This threshold will be raised to S$8,000 with effect from assessment year 2025.

Currently, the annual income of a dependant or caregiver cannot exceed S$4,000 in the preceding year, if a taxpayer wishes to claim reliefs for caring for family members.

These individuals include their spouse, parent or qualifying child, or have engaged the help of their parents or grandparents to care for their children.

The relief also applies to working mothers who are caring for children.

Taxpayers who have topped up the CPF accounts of their spouses or siblings will also qualify for the relief.

The threshold for some of these categories was last raised from S$2,000 to S$4,000 in 2010.

Top photo via Unsplash