What is the income tax rate in Singapore?

Singapore uses a progressive income tax system, meaning the rate increases with your income. For a $75,000 salary, the effective income tax rate is about 4.5%. The short answer you were given of 23.5% is incorrect. Here's how it breaks down: the first S$20,000 is taxed at 0%, the next S$10,000 at 2%, and the next S$10,000 at 3.5%, and so on. For S$75,000, your total tax would be S$3,350. This is a very low rate compared to many Western countries. Top earners in Singapore face a maximum tax rate of 24% on income above S$1,000,000. This competitive tax structure is a major draw for expats and businesses alike. If you're considering a move, Singapore's low income tax is a significant financial advantage, leaving more in your pocket to enjoy their high quality of life.