S'pore collected S$88.9 billion in tax revenues, up 10.7% from previous fiscal year

Singapore collected a total of S$88.9 billion in tax revenue for the Financial Year (FY) 2024/25, the Inland Revenue Authority of Singapore (IRAS) said in a media release on Sep. 11.

This represents about 12.2 per cent of Singapore's Gross Domestic Product and 76.9 per cent of the Singapore Government's operating revenue.

This is a 10.7 per cent increase from the previous FY, which saw S$80.3 billion raised in tax revenue.

GST second-largest contributor

Goods and Services Tax (GST) contributed S$20 billion, or 22.6 per cent, to the tax revenue and is the second-largest contributor.

This is up from S$16.6 billion in the previous FY.

"The increase reflected higher consumer spending and the adjustment in the GST rate," IRAS said.

This FY saw the GST go up from 8 per cent to 9 per cent.

The largest contributor was corporate income tax, at S$30.9 billion in FY2024, up from S$29 billion in the previous FY.

This represents a 6.7 per cent increase and accounts for 34.8 per cent of total tax revenue.

Individual income tax contributed the third-largest share of tax revenue collection at S$19.1 billion, or 21.5 per cent.

The individual income tax collected in FY2023/24 was S$17.5 billion.

The increase this FY was driven by higher wages and an increase in the number of taxpayers, IRAS noted.

Remainder

The remainder of the tax revenue was from property tax, stamp duty, betting taxes, and withholding tax.

Stamp duty also saw an increase from S$5.8 billion in the previous FY to S$6.6 billion this FY, owing to a rise in property transaction volume.

In FY2024, 2,982,847 individuals were assessed.

97.1 per cent of people filed their taxes on time.

Of these, 2,342,167 individuals had to pay taxes.

91.9 per cent of people paid their taxes on time.

IRAS also noted that S$1.3 billion was disbursed to about 127,500 businesses under various schemes such as the progressive wage credit scheme, senior employment credit, and CPF transition offset.

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