Singapore’s tax revenue increased by 17% to reach S$80.3 billion in FY23/24, reflecting strong economic and wage growth in 2022, according to the Inland Revenue Authority. Corporate income tax saw the largest increase, rising 25.6% to S$29 billion due to robust corporate earnings. Individual income tax revenue grew by 12.8% to S$17.5 billion, driven by higher wages and an increase in taxpayers.

Tax revenue up

Goods and services tax (GST) revenue increased by 18.1% to S$16.6 billion, bolstered by higher consumer spending and a one-percentage-point GST rate hike. Property tax revenue rose 16.5% to S$5.9 billion, while Stamp Duty collection fell by 2.4% due to lower property transactions.

The total tax revenue accounted for 77.6% of the government’s operating revenue and 11.9% of Singapore’s GDP. Additionally, the tax authority disbursed nearly S$2.3 billion in payouts to support businesses and workers.

The story is based on the annual report of the Inland Revenue Authority of Singapore (Iras).

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