A. Increase in allowances and deductions
|
| |
Present |
Proposed |
Increase |
| |
($) |
($) |
($) |
(%) |
| Basic Allowances: |
|
|
|
|
| Basic |
100,000 |
108,000 |
8,000 |
8.0 |
Married
|
200,000
|
216,000
|
16,000
|
8.0
|
| Additional Allowances: |
|
|
|
|
| Child : |
|
|
|
|
|
27,000 |
30,000 |
3,000 |
11.1 |
|
14,000 |
15,000 |
1,000 |
7.1 |
| Dependent Parent/Grandparent: |
|
|
|
|
|
27,000 |
30,000 |
3,000 |
11.1 |
Additional allowance
(for dependant living with taxpayer) |
8,000
|
30,000
|
22,000
|
275.0
|
| Dependent Brother/Sister |
27,000 |
30,000 |
3,000 |
11.1 |
| Single Parent |
75,000 |
108,000 |
33,000 |
44.0 |
Disabled Dependant
|
25,000
|
60,000
|
35,000
|
140.0
|
| Existing Deduction: |
|
|
|
|
Training Expenses
|
20,000
|
30,000
|
10,000
|
50.0
|
| New Deductions: |
|
|
|
|
| Home Mortgage Interest |
- |
100,000 |
- |
- |
| Elderly Residential Care Expenses |
- |
60,000 |
- |
- |
| Contributions to Retirement Schemes |
- |
12,000 |
- |
- |
B. Revision of marginal tax bands and rates
|
|
| Present |
Proposed |
|
| Marginal Tax Band |
Marginal Tax
Rate (%) |
Marginal Tax Band |
Marginal Tax
Rate (%) |
First $30,000
chargeable income |
2 |
First $35,000
chargeable income |
2 |
| Next $30,000 |
8 |
Next $35,000 |
7 |
| Next $30,000 |
14 |
Next $35,000 |
12 |
| Remainder |
20 |
Remainder |
17 |
Effect of the revision of the marginal tax bands and rates on tax
payable for the first $120,000 chargeable income
|
| |
Present |
Proposed |
Tax Reduction |
|
| Chargeable income |
Rate |
Tax |
Cumulative tax |
Rate |
Tax |
Cumulative tax |
|
| |
|
|
|
(A) |
|
|
(B) |
(A) - (B) |
|
|
|
|
|
|
|
|
|
|
|
|
|
($) |
($) |
|
($) |
($) |
($) |
($) |
| First |
$10,000 |
2% |
200 |
200 |
2% |
200 |
200 |
- |
- |
| Next |
$10,000 |
2% |
200 |
400 |
2% |
200 |
400 |
- |
- |
| Next |
$10,000 |
2% |
200 |
600 |
2% |
200 |
600 |
- |
- |
| Next |
$5,000 |
8% |
400 |
1,000 |
2% |
100 |
700 |
300 |
30.0 |
| Next |
$5,000 |
8% |
400 |
1,400 |
7% |
350 |
1,050 |
350 |
25.0 |
| Next |
$10,000 |
8% |
800 |
2,200 |
7% |
700 |
1,750 |
450 |
20.5 |
| Next |
$10,000 |
8% |
800 |
3,000 |
7% |
700 |
2,450 |
550 |
18.3 |
| Next |
$10,000 |
14% |
1,400 |
4,400 |
7% |
700 |
3,150 |
1,250 |
28.4 |
| Next |
$10,000 |
14% |
1,400 |
5,800 |
12% |
1,200 |
4,350 |
1,450 |
25.0 |
| Next |
$10,000 |
14% |
1,400 |
7,200 |
12% |
1,200 |
5,550 |
1,650 |
22.9 |
| Next |
$10,000 |
20% |
2,000 |
9,200 |
12% |
1,200 |
6,750 |
2,450 |
26.6 |
| Next |
$5,000 |
20% |
1,000 |
10,200 |
12% |
600 |
7,350 |
2,850 |
27.9 |
| Next |
$5,000 |
20% |
1,000 |
11,200 |
17% |
850 |
8,200 |
3,000 |
26.8 |
Next
|
$10,000
________ |
20%
|
2,000
|
13,200
|
17%
|
1,700
|
9,900
|
3,300
|
25.0
|
| |
$120,000
________ |
|
|
|
|
|
|
|
|
Salaries tax rates and allowances
Annual income levels below which no salaries tax
is payable
Annual income levels at which salaries taxpayers
enter the standard rate zone
Effect of the increase in allowances and the
revision of the marginal tax bands and rates - Single person
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Single person, with two dependent parents / grandparents
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Single person, with one dependent parent / grandparent living
with the taxpayer and one disabled dependent brother / sister
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Married couple, with no children
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Married couple, with two children
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Married couple, with two children and two dependent parents /
grandparents
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Married couple, with two children and two dependent
parents / grandparents living with the taxpayer
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Married couple, with two children and one disabled dependent
parent / grandparent living with the taxpayer
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Single parent, with two children
Effect of the increase in allowances and the
revision of the marginal tax bands and rates
- Single parent, with one child and one dependent parent / grandparent
living with the taxpayer
|
