SINGAPORE, Feb 23 (Reuters) - Singapore is raising thepersonal income tax rate for top income earners starting withtheir earnings in 2016, Finance Minister Tharman Shanmugaratnamannounced on Monday in his budget speech.
"I will raise the marginal tax rates that affect the top 5percent of our income earners," he said.
The top marginal rate will rise to 22 percent from 20percent for a chargeable income of over S$320,000 ($234,983).
Tharman also said state investor Temasek Holdings will be included in the net investment returns frameworkalongside sovereign investor GIC and the Monetary Authority ofSingapore.
Under the framework, Singapore can spend up to 50 percent ofexpected long term real returns on the net assets managed by thesovereign fund and the central bank.($1 = 1.3618 Singapore dollars) (Reporting by Saeed Azhar; Editing by Richard Borsuk)