Tax revenue up 13.1% YoY in FY22/23

The government collected $68.6b in tax revenue for the period.

Given the economic recovery of Singapore, the  Inland Revenue Authority of Singapore (IRAS) collected 13.1% YoY higher tax revenue for the FY22/23 period.

Based on IRAS’ annual report, the agency collected $68.6b in tax revenue for FY22/23.

IRAS said tax revenue collection rose across most tax types, led by corporate income tax (CIT), which accounted for $4.9b of the $7.9b increase in collection.

CIT also accounted for the largest share of IRAS revenue collection at 33.7% ($23.1b).

GST collected also increased in FY22/23, rising by $1.5b “due to higher consumption and a rebound in international arrivals.”

Meanwhile, Individual Income Tax (IIT) increased by $1.3b “on account of higher personal incomes.”

On the flip side, stamp duty collection declined, falling by $0.8 billion or 12% “due to a lower volume of transactions.”