Tax collections edge 22.4% higher to $60.7b in FY2021: IRAS

A total of $12.6b are from GST collections.

The Inland Revenue Authority of Singapore (IRAS) reported that it collected $60.7b in FY2021 from income tax (corporate, individual, and withholding), Goods and Services Tax (GST), property tax, stamp duty and betting taxes. This is 22.4% higher than in FY2020, which IRAS said was due to the economy rebounding after COVID restrictions were lifted. 

The total value represents 73.6% of the Singapore government’s operating revenue, and 11.4% of the country’s gross domestic product, IRAS said in its annual report released in August 2022.

Income tax for FY2021 amounted to $34.3b, whilst GST collection totalled $12.6b. Property taxes came at $4.7b, and Stamp Duty collection amounted to $6.8b. Betting taxes, which comprising Betting Duty, Casino Tax and, Private Lotteries Duty, totalled to $2.3b.

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IRAS also gave an update on current year arrears for income tax, GST and property tax. As of end 31 March, arrears for FY2022 have totalled $332.8m. This amounted to a tax arrears rate of 0.64%, slightly lower than FY2020’s 0.72%, IRAS noted.

IRAS shared that it audited and investigated a total of 8,665 cases. About $385m were also recovered from taxes and penalties.

As of March this year, it has already assessed 100% of the 2021 individual income tax returns received last year.