Individual - Significant developments

Last reviewed - 15 February 2022

The 2022 Budget was announced on 18 February 2022. An increase in the top marginal PIT rate to 24% was proposed for resident individual taxpayers from year of assessment 2024. The tax rates for non-resident individual taxpayers will correspondingly be raised to 24%.

For details of the 2022 Budget proposals, refer to our 2022 Budget Commentary at