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| *The Commerce Journal>>>Singapore Taxes |
Singapore's TOTO prize - how much is the tax? |
Supposing you won top prize over 1 million S$, will they give you the full amount as published in the winning prizes' amount or they tax you upfront? How much is the tax? I don't know where "26250403" got her information but the maximum tax rate in Singapore is 20%. It's low because there are virtually not deductions. From time to time there are tax credits available for special categories but it's direct reduction of tax due. I've known people who've won up top $50,000 and I've never heard of it affecting their tax liability. However, 'IF' it's taxable, you would receive $800,000 as 20% is the limit. |
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