Singapore's tax revenue up 13.1% following economic recovery after end of COVID-19 pandemic
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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.
