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Singapore's tax revenue up 17 pct in FY 2023/24

Source: Xinhua | 2024-09-05 | Editor:Rachel

Singapore collected 80.3 billion Singapore dollars (61.6 billion U.S. dollars) in tax revenue for the financial year (FY) 2023/24, 17 percent higher than the previous financial year, the Inland Revenue Authority of Singapore said Wednesday.

The total revenue collection represented 77.6 percent of Singaporean government's operating revenue and 11.9 percent of Singapore's gross domestic product.

Corporate income tax increased 25.6 percent to 29 billion Singapore dollars due to strong corporate earnings in FY 2023/24. It made up the largest share of the tax revenue collection at 36.1 percent.

Supported by higher wages and more taxpayers, individual income tax rose by 2 billion Singapore dollars to 17.5 billion Singapore dollars.

The goods and services tax contributed 16.6 billion Singapore dollars to the total tax revenue.

In the latest financial year, the tax authority also processed 2.3 billion Singapore dollars of disbursements under various initiatives, such as the Progressive Wage Credit Scheme, to support businesses, workers, and jobs.  

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