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Why don't we tax high-income earners or wealth more instead?

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We already tax high-income earners and wealth.

For income, we increased the top marginal Personal Income Tax (PIT) rates for higher-income earners in Budget 2015, from 20% to 22%.

  • For now, PIT rates are reasonable to keep us attractive, given the intense global competition for talent.

We will continue to review our rates regularly.

For property, we:

  • Increased property tax rates for vacant or rented residential properties in Budget 2013.

  • Increased top marginal Buyers Stamp Duty (BSD) rate for higher-value residential properties in Budget 2018.

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