How many people made 6-figure salaries last year?
 

I remember reading somewhere that there are about 70,000 people making $100,000 or more last year. Well, that figure is wrong, at least according to the latest annual report from IRAS.

As usual, I analysed the most important appendix in the IRAS report and found that 154,714 assessed taxpayers took home a 6-figure salary last year.

Yes, exactly 153,779 resident taxpayers and 935 non-resident taxpayers made $100k or more. Together, they form 18% of the (assessed) taxpayer population.

In this group, each individual made an average of $237k last year.

The average net tax assessed for this group is about $25k, or more than $2,000 a month.

Are you paying $2,000 in income tax a month?

http://www.salary.sg/2008/how-many-p...ies-last-year/

2625
 

Are you referring to Business Times Weekend? If so, then maybe you remember wrongly. BT reported that 70,000 people were in the above-$150k bracket, which is correct based on the same IRAS appendix.

2627
 

153,779 resident taxpayers and 935 non-resident taxpayers made $100k or more.

153,779 like very few. Singapore residents seem to earn more...maybe underdeclaring?

2629
 

If you earn more the $100k annually, I think you would easily qualify for PR-ship. Resident taxpayers include PR. That could account for the low the number of non-resident taxpayers.

2634
 

I'm puzzled why only 820+k people are paying taxes....

This includes foreigners right?

2641
 

To Ben: low-income earners are not even assessed for income tax. There are many low-income earners.

2748
 

Income tax only discovers the one who earns six figures working..

there are also those getting six figures from investments that are not taxable.