TAX ON INTEREST INCOME

Mr Heng Chiang Meng asked the Minister for Finance how much tax was collected over the last five years under the category of "interest" from resident individual taxpayers broken down into the usual "assessed income groups".

Dr Richard Hu Tsu Tau: Annexes 1, 2 and 3 (Cols. 335 - 338) show the amount of tax assessed on interest income of Singapore resident individuals by "Chargeable Income" groups for the Years of Assessment 1984, 1985 and 1986. The Inland Revenue Department is unable to provide statistics for earlier years because of the time constraint.

Annex 1 TAX ON INTEREST INCOME OF SINGAPORE RESIDENT INDIVIDUALS FOR Y/A 84 Chargeable Income Group Total Tax Assessed Below 5,000 647,160.76 5,001 - 7,500 615,461.94 7,501 - 10,000 781,949.28 10,001 - 15,000 1,882,020.69 15,001 - 20,000 1,945,503.41 20,001 - 25,000 1,880,641.66 25,001 - 35,000 3,641,109.86 35,001 - 50,000 4,414,501.66 50,001 - 75,000 4,856,193.85 75,001 - 100,000 3,157,314.51 100,001 - 150,000 4,051,998.76 150,001 - 200,000 2,317,891.73 200,001 - 400,000 4,089,008.78 400,001 - 750,000 1,710,675.03 750,001 & Above 2,221,028.19 Total $38,212,460.11

Annex 2 TAX ON INTEREST INCOME OF SINGAPORE RESIDENT INDIVIDUALS FOR Y/A 85 Chargeable Income Group Total Tax Assessed Below 5,000 690,237.31 5,001 - 7,500 677,228.78 7,501 - 10,000 844,705.54 10,001 - 15,000 1,924,714.39 15,001 - 20,000 1,914,070.08 20,001 - 25,000 1,972,774.07 25,001 - 35,000 3,809,942.41 35,001 - 50,000 4,358,444.55 50,001 - 75,000 4,971,836.12 75,001 - 100,000 3,325,725.53 100,001 - 150,000 3,926,128.24 150,001 - 200,000 2,501,361.76 200,001 - 400,000 4,968,264.42 400,001 - 750,000 2,607,127.66 750,001 & Above 1,973,975.78 Total $40,466,536.64

Annex 3 TAX ON INTEREST INCOME OF SINGAPORE RESIDENT INDIVIDUALS FOR Y/A 86* Chargeable Income Group Total Tax Assessed* Below 5,000 549,479.04 5,001 - 7,500 536,321.90 7,501 - 10,000 690,383.29 10,001 - 15,000 1,461,334.66 15,001 - 20,000 1,570,064.63 20,001 - 25,000 1,644,742.51 25,001 - 35,000 3,196,564.66 35,001 - 50,000 3,772,762.21 50,001 - 75,000 3,984,051.82 75,001 - 100,000 2,643,975.81 100,001 - 150,000 3,048,266.64 150,001 - 200,000 1,892,111.24 200,001 - 400,000 3,414,899.47 400,001 - 750,000 1,054,433.54 750,001 & Above 1,119,177.81 Total $30,578,569.23 *Statistics are incomplete as not all assessments for Y/A 86 have been finalised. Committee of Supply - MAIN AND DEVELOPMENT ESTIMATES OF EXPENDITURE FOR THE FINANCIAL YEAR 1ST APRIL, 1987 TO 31ST MARCH, 1988 (Cols. 339 - 342)