SINGAPORE CITY, Singapore
A total of S$68.6 billion (US$50.3 billion) in tax revenue was collected for the 2022/23 financial year in Singapore, a 13.1 per cent increase from the previous year.
The S$7.9 billion increase
reflected the country's economic recovery following the end of the COVID-19
pandemic, the Inland Revenue Authority of Singapore (IRAS) said on Wednesday
(Sep 6).
The arrears rate for income
tax, Goods and Services Tax (GST) and property tax, meanwhile, fell to S$363.1
million, or 0.59 per cent – compared with 0.64 per cent in the preceding
financial year.
"Taxes collected are used
to support Singapore's economic and social programmes to achieve quality growth
and an inclusive society," IRAS said in a media release.
Tax revenue collection rose
across most tax types.
"Of the S$7.9 billion
increase in collection, corporate income tax accounted for S$4.9 billion on the
back of buoyant corporate earnings," IRAS said.
"GST rose by S$1.5
billion due to higher consumption and a rebound in international arrivals,
while individual income tax increased by S$1.3 billion on account of higher
personal incomes."
Stamp duty collection dipped,
however, decreasing by S$800 million – or 12 per cent – due to a lower volume
of transactions compared to the year before.
Corporate income tax made up
the largest share of IRAS' revenue collection, accounting for S$23.1 billion,
or 33.7 per cent.
It was followed by individual
income tax at S$15.5 billion, or 22.6 per cent. IRAS said that 83 per cent of
this figure came from taxpayers with annual incomes exceeding S$150,000.
GST accounted for S$14.1
billion – 20.5 per cent – and stamp duty accounted for S$6 billion, or 8.7 per
cent.
Property tax (7.4 per cent),
betting taxes (4 per cent) and withholding tax (3.1 per cent) accounted for the
remaining tax revenue.
IRAS added that it audited and
investigated 9,019 cases in the 2022/23 financial year and recovered about
S$499 million in taxes and penalties.
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