| |
|
Present tax payable
(Exemption level: $100,000) |
Proposed tax payable
(Exemption level: $108,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $1,443,000
will benefit from the concessions. |
|
108,000
|
160
|
0.1
|
-
|
-
|
160
|
100.0
|
Taxpayers with incomes not exceeding $108,000
will not be required to pay tax as a result of the increase in the basic
allowance. |
| |
120,000 |
400 |
0.3 |
240 |
0.2 |
160 |
40.0 |
|
| |
132,000 |
760 |
0.6 |
480 |
0.4 |
280 |
36.8 |
|
| |
144,000 |
1,720 |
1.2 |
770 |
0.5 |
950 |
55.2 |
|
| |
156,000 |
2,680 |
1.7 |
1,610 |
1.0 |
1,070 |
39.9 |
|
| |
168,000 |
4,120 |
2.5 |
2,450 |
1.5 |
1,670 |
40.5 |
|
| |
180,000 |
5,800 |
3.2 |
3,390 |
1.9 |
2,410 |
41.6 |
|
| |
192,000 |
7,600 |
4.0 |
4,830 |
2.5 |
2,770 |
36.4 |
|
| |
204,000 |
10,000 |
4.9 |
6,270 |
3.1 |
3,730 |
37.3 |
|
| |
216,000 |
12,400 |
5.7 |
7,860 |
3.6 |
4,540 |
36.6 |
|
| (1) |
224,000 |
14,000 |
6.3 |
9,220 |
4.1 |
4,780 |
34.1 |
|
| |
240,000 |
17,200 |
7.2 |
11,940 |
5.0 |
5,260 |
30.6 |
Taxpayers earning more than $108,000 but less
than $1,443,000 will have reduced tax liabilities as a result of
the increase in the basic allowance and the revision of the marginal
tax bands and rates |
| |
264,000 |
22,000 |
8.3 |
16,020 |
6.1 |
5,980 |
27.2 |
| |
288,000 |
26,800 |
9.3 |
20,100 |
7.0 |
6,700 |
25.0 |
| |
312,000 |
31,600 |
10.1 |
24,180 |
7.8 |
7,420 |
23.5 |
| |
336,000 |
36,400 |
10.8 |
28,260 |
8.4 |
8,140 |
22.4 |
|
| (2) |
360,000 |
41,200 |
11.4 |
32,340 |
9.0 |
8,860 |
21.5 |
|
| |
384,000 |
46,000 |
12.0 |
36,420 |
9.5 |
9,580 |
20.8 |
|
| |
408,000 |
50,800 |
12.5 |
40,500 |
9.9 |
10,300 |
20.3 |
|
| |
432,000 |
55,600 |
12.9 |
44,580 |
10.3 |
11,020 |
19.8 |
|
| |
456,000 |
60,400 |
13.2 |
48,660 |
10.7 |
11,740 |
19.4 |
|
| |
480,000 |
65,200 |
13.6 |
52,740 |
11.0 |
12,460 |
19.1 |
|
| |
504,000 |
70,000 |
13.9 |
56,820 |
11.3 |
13,180 |
18.8 |
|
| |
552,000 |
79,600 |
14.4 |
64,980 |
11.8 |
14,620 |
18.4 |
|
| |
600,000 |
89,200 |
14.9 |
73,140 |
12.2 |
16,060 |
18.0 |
|
| (3) |
616,000 |
92,400 |
15.0 |
75,860 |
12.3 |
16,540 |
17.9 |
|
| |
624,000 |
93,600 |
15.0 |
77,220 |
12.4 |
16,380 |
17.5 |
|
| (4) |
1,443,000 |
216,450 |
15.0 |
216,450 |
15.0 |
- |
- |
Taxpayers earning $1,443,000 or more will pay
tax at the standard rate. |
| |
1,464,000 |
219,600 |
15.0 |
219,600 |
15.0 |
- |
- |
|
