SINGAPORE, Sept 4 — Singapore’s tax revenue jumped 9.4 per cent to S$97.3 billion (RM310 billion) in the 2025/26 financial year, driven by stronger economic activity and consumer spending, according to official figures.

The total collected by the Inland Revenue Authority of Singapore (IRAS) accounted for nearly three-quarters of the government’s operating revenue and was equivalent to 12.3 per cent of the country’s GDP, Singapore-based media organisation CNA reported.

Corporate income tax remained the single biggest source of revenue, rising to S$34.4 billion from S$30.9 billion a year earlier. It accounted for 35.4 per cent of the overall tax take.

Goods and Services Tax was the second-largest contributor, generating S$21.7 billion, up from S$20 billion a year earlier.

Individual income tax receipts also increased, climbing to S$20.9 billion from S$19.1 billion and making up 21.5 per cent of total collections.

Property tax contributed S$6.9 billion, while stamp duty brought in S$7.3 billion.

IRAS attributed the overall increase to “stronger economic activity and consumer spending”.

“Tax revenue remains a key contributor to Singapore’s nation-building efforts. It enables us to build strong and inclusive communities, enhance public services and infrastructure, and support sustainable economic growth,” the authority said in its annual report released on Friday.

Tax arrears remained low, with outstanding GST, income and property taxes amounting to 0.64 per cent of net tax assessed.

IRAS said the figure reflected “both the strong commitment of taxpayers and effective enforcement to uphold compliance”, but warned that it would continue to take “firm action” against deliberate tax evasion.

The authority audited and investigated 8,560 cases during the financial year, recovering about S$589 million in taxes and penalties.

Alongside tax collection, IRAS processed almost S$1.2 billion in payouts to about 126,000 businesses under government support schemes.

These included about S$791 million under the Progressive Wage Credit Scheme, S$298 million under the Senior Employment Credit Scheme and S$43 million under the CPF Transition Offset scheme.