the top tax rate of 20 percent has not changed, many of the really big
earners in Singapore are still better off than their counterparts in
Hong Kong. The key level for those in the salary stratosphere is
SG$491,587 or US$386,043, of chargeable income a year.
head of international executive services, Ooi Boon Jin, calculated that
those whose chargeable income exceeds that amount will pay more tax than
their Hong Kong counterparts this year. If their taxable income is
under that amount, they will pay less tax than in Hong Kong. His number
crunching takes into account Friday's Budget announcement of a 20
percent tax rebate, capped at SG$2,000 for the 2011 assessment year.