SINGAPORE: A total of S$68.6 billion (US$50.3 billion) in tax revenue was collected for the 2022/23 financial year in Singapore, a 13.1 per cent increase from the previous year.
The S$7.9 billion increase reflected the country’s economic recovery following the end of the COVID-19 pandemic, the Inland Revenue Authority of Singapore (IRAS) said on Wednesday (Sep 6).
The arrears rate for income tax, Goods and Services Tax (GST) and property tax, meanwhile, fell to S$363.1 million, or 0.59 per cent – compared with 0.64 per cent in the preceding financial year.
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“Taxes collected are used to support Singapore’s economic and social programmes to achieve quality growth and an inclusive society,” IRAS said in a media release.
Tax revenue collection rose across most tax types.
“Of the S$7.9 billion increase in collection, corporate income tax accounted for S$4.9 billion on the back of buoyant corporate earnings,” IRAS said.
“GST rose by S$1.5 billion due to higher consumption and a rebound in international arrivals, while individual income tax increased by S$1.3 billion on account of higher personal incomes.”
Stamp duty collection dipped, however, decreasing by S$800 million – or 12 per cent – due to a lower volume of transactions compared to the year before.
Source: CNA
