[pic]
BASIC TAX COMPUTATIONS & TAX PLANNING
1. TAXATION OF RESIDENT INDIVIDUALS
Resident individuals are taxed at graduated rates of tax. The tax rates for resident individuals for Year of Assessment 2007 are as follows:
Tax rates for resident individuals for YA 2007 onwards
| |Chargeable income ($) |Rate (%) |Gross tax payable ($) |
|On the first |20,000 |0 |0 |
|On the next |10,000 |3.5 |350 |
|On the first |30,000 | |350 |
|On the next |10,000 |5.5 |550 |
|On the first |40,000 | |900 |
|On the next |40,000 |8.5 |3,400 |
|On the first |80,000 | |4,300 |
|On the next |80,000 |14 |11,200 |
|On the first |160,000 | |15,500 |
|On the next |160,000 |17 |27,200 |
|On the first |320,000 | |42,700 |
|On the next...