TOP 5% EARNERS’ CONTRIBUTION TO TOTAL INCOME TAX FOR YEARS OF ASSESSMENT 2021 TO 2023

I filed a PQ with a view to establish how much the top 5% income earners in Singapore are contributing to personal income tax in each of the past 3 Years of Assessment . The Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, in his reply, stated that the top 5% earners paid about 70% of the total income tax collected each year. My PQ and DPM’s answer are set out below.

Mr Murali Pillai asked the Deputy Prime Minister and Minister for Finance for each of the Years of Assessment 2021, 2022 and 2023, what is the percentage of total income tax that was contributed by the top 5% earners.

Mr Lawrence Wong: Based on IRAS’ personal income tax (PIT) data on all taxpayers, in the Years of Assessment 2021, 2022 and 2023, the top 5% earners contributed close to 70% of PIT collections.