Income Threshold for Reliefs to Be Raised to S$8,000 from YA 2025
In the Singapore Budget 2024, Finance Minister Lawrence Wong announced that the annual income threshold for dependant-related tax reliefs will be increased from S$4,000 to S$8,000, effective from the Year of Assessment 2025. This change comes in response to feedback from the public, tax professionals, and Members of Parliament, as they consider the impact of rising living costs and wage levels.
The adjustment will allow taxpayers to claim a range of dependant-related reliefs for dependants with annual income up to S$8,000, providing greater support amid the ongoing financial pressures faced by households.
