Tax revenue rises 17% to $80.3b in FY23/24

Corporate income tax led the collection with a 36.1% share.

The Inland Revenue Authority of Singapore (IRAS) collected a tax revenue of $80.3b in FY23/24, up 17% YoY.

IRAS said the increase "reflects the strong economic growth and nominal wage growth in Singapore in 2022."

Tax revenue collection rose across most tax types, led by corporate income tax (CIT), which reported a 25.6% YoY higher collection of $29.0b due to strong corporate earnings.

CIT also accounted for the largest share of IRAS revenue collection at 36.1%.

Individual Income Tax (IIT) had the second largest share at 21.8%, with revenue collection of $17.5b, up by $2b "on account of higher wages and an increase in the number of taxpayers."

Goods & Services Tax (GST) accounted for 20.7% of total revenue collection, contributing $16.6b.

Higher consumer spending and the increase in the GST rate fueled the $2.6b increase in GST collection.

Meanwhile, Property Tax contributed $5.9b or 7.4% of the total revenue collection.

Despite posting a $0.11b decline due to lower property transaction volume, Stamp Duty collection still accounted for 7.2% or $5.8b of the total revenue.