Changes in Highest Personal Income Tax Rate and Corporate Income Tax Rate since 1991 and Changes in Other Taxes

Debated in Parliament on 6 Jul 2021.

Summary written by AI (learn more)

The highest marginal personal income tax rate for tax resident individuals has remained unchanged at 22% since 1991.
The corporate income tax rate has remained unchanged at 17% since 1991.
The GST rate has increased from 3% in 1991 to 9% in 2023, with intermediate rates of 4% (1994), 5% (2002), and 7% (2007).
The water conservation tax rate has increased from 5% in 1991 to 30% in 2023, with intermediate rates of 10% (1991), 20% (1996), and 25% (2000).
Other taxes such as property tax and vehicle-related taxes have seen periodic adjustments, but specific rates and changes since 1991 were not detailed in the debate.

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Full Transcript

Leong Mun Wai

Mr Leong Mun Wai asked the Minister for Finance (a) what are the changes in the highest personal income tax rate and corporate income tax rate since 1991; and (b) what are the changes in other taxes like GST, water tax and other taxes since 1991.

Lawrence Wong

The highest marginal personal income tax rate for tax resident individuals, corporate income tax rate, GST rate and water conservation tax rate since 1991 are as follows:

Summary written by AI (learn more)

The highest marginal personal income tax rate for tax resident individuals has remained unchanged at 22% since 1991.
The corporate income tax rate has remained unchanged at 17% since 1991.
The GST rate has increased from 3% in 1991 to 9% in 2023, with intermediate rates of 4% (1994), 5% (2002), and 7% (2007).
The water conservation tax rate has increased from 5% in 1991 to 30% in 2023, with intermediate rates of 10% (1991), 20% (1996), and 25% (2000).
Other taxes such as property tax and vehicle-related taxes have seen periodic adjustments, but specific rates and changes since 1991 were not detailed in the debate.

Questions identified by AI (learn more)

Changes in Highest Personal Income Tax Rate and Corporate Income Tax Rate since 1991 and Changes in Other Taxes | PAPERCUTS

Changes in Highest Personal Income Tax Rate and Corporate Income Tax Rate since 1991 and Changes in Other Taxes

Debated in Parliament on 6 Jul 2021.

Summary written by AI (learn more)

The highest marginal personal income tax rate for tax resident individuals has remained unchanged at 22% since 1991.
The corporate income tax rate has remained unchanged at 17% since 1991.
The GST rate has increased from 3% in 1991 to 9% in 2023, with intermediate rates of 4% (1994), 5% (2002), and 7% (2007).
The water conservation tax rate has increased from 5% in 1991 to 30% in 2023, with intermediate rates of 10% (1991), 20% (1996), and 25% (2000).
Other taxes such as property tax and vehicle-related taxes have seen periodic adjustments, but specific rates and changes since 1991 were not detailed in the debate.

Questions identified by AI (learn more)

Full Transcript

Leong Mun Wai

Lawrence Wong

The highest marginal personal income tax rate for tax resident individuals, corporate income tax rate, GST rate and water conservation tax rate since 1991 are as follows:

Summary written by AI (learn more)

The highest marginal personal income tax rate for tax resident individuals has remained unchanged at 22% since 1991.
The corporate income tax rate has remained unchanged at 17% since 1991.
The GST rate has increased from 3% in 1991 to 9% in 2023, with intermediate rates of 4% (1994), 5% (2002), and 7% (2007).
The water conservation tax rate has increased from 5% in 1991 to 30% in 2023, with intermediate rates of 10% (1991), 20% (1996), and 25% (2000).
Other taxes such as property tax and vehicle-related taxes have seen periodic adjustments, but specific rates and changes since 1991 were not detailed in the debate.

Questions identified by AI (learn more)

Changes in Highest Personal Income Tax Rate and Corporate Income Tax Rate since 1991 and Changes in Other Taxes

Summary

Questions Identified

Full Transcript

Leong Mun Wai

Lawrence Wong

Summary

Questions Identified

Changes in Highest Personal Income Tax Rate and Corporate Income Tax Rate since 1991 and Changes in Other Taxes

Summary

Questions Identified

Full Transcript

Leong Mun Wai

Lawrence Wong

Summary

Questions Identified