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Tax Rates & Exemptions

  • As your business income forms part of your personal income, the two are calculated together when you file your tax returns.
  • Your business income is reported separately (Form B or B1) and added to all your other personal income. The total is then subject to personal income taxes.
  • Taxes are charged progressively (0% - 20%) on your chargeable income. The chargeable income is your business/trade income plus any other personal income, minus all deductions, reliefs and rebates.

Tax rates for resident individuals from YA 2012 onwards

Chargeable Income Rate (%) Gross Tax Payable ($)
First $20,000
Next $10,000
0
2
0
200
First $30,000
Next $10,000
-
3.50
200
300
First $40,000
Next $40,000
-
7
550
2800
First $80,000
Next $40,000
-
11.5
3350
4600
First $120,000
Next $ 40,000
-
15
7950
6000
First $160,000
Next $ 40,000
-
17
13 950
6800
First $200,000
Next $120,000
-
18
20 750
21 600
First $320,000
Above $320,000
-
20

42 350

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