The Inland Revenue Authority of Singapore (IRAS) updates its guidance on Individual Income Tax rates on 13 February 2023, noting the increase in the top marginal personal income tax rates with effect from year of assessment (YA) 2024 (income year 2023). This includes new top rates of 23% on income of SGD 500,000 and 24% on income over SGD 1 million, resulting in the following brackets/rates:

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