SOME 1.5 million taxpayers in Singapore will benefit from a new personal income tax rebate of 50 per cent. This move, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday, will cost the government S$717 million.
The cap has been set at S$1,000 to ensure that the benefits go mainly to the middle and upper-middle income groups. The rebate will be for the Year of Assessment 2015, which covers income earned in 2014.
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