Singapore’s Tax Revenue Up 17% in FY23/24, Thanks to Corporate Income Tax
Singapore’s tax revenue rose 17% ($80.3 billion) thanks to Corporate Income Tax (CIT) contributing 36.1% of the total revenue collected. Strong corporate earnings were a large part of this, followed by Individual Income Tax (IT).
Other contributors include the Goods and Services Tax (GST), which generated 20.7% of the total earnings. Increased consumer spending and a hike in GST rates made this possible. Although property transactions experienced a dip this year, stamp duty still accounted for 7.2% of the total tax revenue, and property tax came in at 7.4%.
A Strong and Robust Economy
According to the Inland Revenue Authority of Singapore (IRAS), the country’s robust economic and wage growth in 2022 was the reason for this year’s tax revenue earnings. The strong performance reflects how strong the nation’s economy is.
There were $2.3 billion in grants given under the Progressive Wage Credit Scheme (PWCS), Senior Employment Credit (SEC), and the Jobs Growth Incentive (JGI). IRAS also carried out 9,590 audits and investigations of tax non-compliance, and $857 million in taxes and penalties were recovered.
