SINGAPORE, Sept 13 — Singapore collected S$88.9 billion (RM291.3 billion) in tax revenue in the 2024/25 financial year, a 10.7 per cent increase from the previous year, according to figures from the Inland Revenue Authority of Singapore (IRAS).
The growth was underpinned by “robust” economic performance and stronger consumer spending, Singapore-based media organisation CNA reported. Taxes accounted for 76.9 per cent of government operating revenue and 12.2 per cent of GDP.
“The taxes collected play a vital role in supporting essential public services, driving economic growth, enhancing our living environment, and enabling social programmes that uplift the lives of Singaporeans,” IRAS said.
Corporate income tax remained the largest contributor, rising 6.7 per cent to S$30.9 billion, or 34.8 per cent of total revenue. Goods and Services Tax (GST) surged to S$20 billion, up from S$16.6 billion, reflecting higher spending and the increase in the GST rate from 8 to 9 per cent in January.
Individual income tax brought in S$19.1 billion, while property tax and stamp duties each contributed S$6.6 billion, the latter boosted by stronger property sales.
Tax compliance levels remained high, with arrears for GST, income tax and property tax at just 0.66 per cent. But IRAS said it had taken action against a “small minority” of evaders, auditing and investigating more than 8,600 cases to recover S$507 million in taxes and penalties.
The agency also processed over S$1.3 billion in support for about 127,500 businesses, including wage credits, senior employment credits and CPF transition offsets.
