Tharman: Applies starting from income earned in 2016 for taxes to be paid in 2017.
Tharman: We've considered carefully and concluded that there is a need to adjust our top marginal tax rate for highest income earners from 20% to 22% for those with chargeable income of above $320,000.
Tharman: Enhanced support for those with low incomes should be supported by high-income group.
Tharman: to kick in year of assessment of 2017
Tharman: Raise personal income tax of top income earners
Tharman: Our philosophy is to keep the burden of the middle-income low
Tharman: The majority of Singaporeans do not pay income tax but they pay GST.
Tharman: We should have a fair and equitable system of taxes
Tharman will now speak about taxes
Tharman: We aim to present a constitutional amendment bill in parliament for this purpose.