IRAS disburses $28.2b grants to support businesses, jobs in pandemic

The value was published in a release by IRAS.

The Inland Revenue Authority of Singapore announced that $28.2b of grants were awarded to businesses in the financial year (FY) 2020/2021.

This covers several initiatives for those affected by the pandemic, including the Wage Credit Scheme, Jobs Support Scheme, Government Cash Grant, and Jobs Growth Incentive.  

Also announced in the report was a total tax collection amounting to $49.6b, which makes up 73.6% of the government operating revenue and 10.6% of the country’s gross domestic product. The recorded amount was 7.3% lower compared to the previous FY.

62% of the collection came from total income taxes and amounted to $30.5b, a 0.9% decrease from FY 2019/2020. Corporate income tax, meanwhile, stood at $16.1b, 3.7% lower than the previous year. Goods and services tax also slumped by 7.3% year-on-year to $10.3b.