Gov’t issues $2.66m tax returns

Taxpayers must file their returns by 2 June.

The Inland Revenue Department issued $2.66m tax returns for the 2024-25 assessment year.

Taxpayers must file their returns by 2 June. Sole proprietors have a three-month grace period until 2 August, whilst those filing through eTAX will receive a one-month extension.

“Salaries tax, tax under personal assessment, and profits tax for 2024-25 will be reduced by 100%, subject to a ceiling of $1,500 per case,” Inland Revenue Commissioner Benjamin Chan said.

From the 2024-25 assessment year, a two-tiered standard rates regime has been implemented, with the first $5m of net income taxed at 15%, and any excess at 16%.

The deduction ceilings for home loan interest or domestic rent have also increased from $100,000 to $120,000 for taxpayers residing with newborn children born on or after 25 October 2023.

In addition, a new deduction for assisted reproductive services was introduced, capped at $100,000.

The department collected $374.5b in revenue for 2024-25, up 10% year-on-year (YoY). Revenue for 2025-26 is estimated at $401.4b, representing a 7% YoY increase.