| |
|
Present tax payable
(Exemption level: $187,000) |
Proposed tax payable
(Exemption level: $258,000) |
|
|
|
| |
Annual income |
Amount |
Effective rate |
Amount |
Effective rate |
Tax Saving |
Remarks |
| |
|
(A) |
|
(B) |
|
(A) - (B) |
|
|
|
|
($)
|
($)
|
(%)
|
($)
|
(%)
|
($)
|
(%)
|
All taxpayers earning less than $2,718,000 will benefit from the concessions. |
| |
216,000 |
580 |
0.3 |
- |
- |
580; |
100.0 |
Taxpayers with incomes not exceeding $258,000 will
not be required to pay tax as a result of the increases in the basic, the
dependent parent /grandparent, the additional dependent parent /
grandparent, the disabled dependant and the dependent brother /
sister allowances. |
| (1) |
224,000 |
1,160 |
0.5 |
- |
- |
1160 |
100.0 |
|
240,000
|
2,440
|
1.0
|
-
|
-
|
2,440
|
100.0
|
| |
264,000 |
5,380 |
2.0 |
120 |
<0.1 |
5,260 |
97.8 |
|
| |
288,000 |
9,400 |
3.3 |
600 |
0.2 |
8,800 |
93.6 |
|
| |
312,000 |
14,200 |
4.6 |
2,030 |
0.7 |
12,170 |
85.7 |
|
| |
336,000 |
19,000 |
5.7 |
4,110 |
1.2 |
14,890 |
78.4 |
|
| (2) |
360,000 |
23,800 |
6.6 |
6,990 |
1.9 |
16,810 |
70.6 |
|
| |
384,000 |
28,600 |
7.4 |
10,920 |
2.8 |
17,680 |
61.8 |
|
| |
408,000 |
33,400 |
8.2 |
15,000 |
3.7 |
18,400 |
55.1 |
|
| |
432,000 |
38,200 |
8.8 |
19,080 |
4.4 |
19,120 |
50.1 |
|
| |
456,000 |
43,000 |
9.4 |
23,160 |
5.1 |
19,840 |
46.1 |
|
| |
480,000 |
47,800 |
10.0 |
27,240 |
5.7 |
20,560 |
43.0 |
Taxpayers earning more than $258,000
but less than $2,718,000 will have reduced tax liabilities as
a result of the increases in the basic, the dependent parent /
grandparent, the additional dependent parent / grandparent, the disabled
dependant brother / sister allowances
and the revision of the marginal tax bands and rates. |
| |
504,000 |
52,600 |
10.4 |
31,320 |
6.2 |
21,280 |
40.5 |
| |
552,000 |
62,200 |
11.3 |
39,480 |
7.2 |
22,720 |
36.5 |
| |
600,000 |
71,800 |
12.0 |
47,640 |
7.9 |
24,160 |
33.6 |
| |
648,000 |
81,400 |
12.6 |
55,800 |
8.6 |
25,600 |
31.4 |
| |
696,000 |
91,000 |
13.1 |
63,960 |
9.2 |
27,040 |
29.7 |
| |
744,000 |
100,600 |
13.5 |
72,120 |
9.7 |
28,480 |
28.3 |
| |
792,000 |
110,200 |
13.9 |
80,280 |
10.1 |
29,920 |
27.2 |
| |
840,000 |
119,800 |
14.3 |
88,440 |
10.5 |
31,360 |
26.2 |
|
| |
888,000 |
129,400 |
14.6 |
96,600 |
10.9 |
32,800 |
25.3 |
|
| |
936,000 |
139,000 |
14.9 |
104,760 |
11.2 |
34,240 |
24.6 |
|
| (3) |
964,000 |
144,600 |
15.0 |
109,520 |
11.4 |
35,080 |
24.3 |
|
| |
984,000 |
147,600 |
15.0 |
112,920 |
11.5 |
34,680 |
23.5 |
|
| (4) |
2,718,000 |
407,700 |
15.0 |
407,700 |
15.0 |
- |
- |
Taxpayers earning $2,718,000 or more will pay
tax at the standard rate. |
| |
2,736,000 |
410,400 |
15.0 |
410,400 |
15.0 |
- |
- |
|
