SINGAPORE: Singapore’s tax revenue for the 2022 – 2023 fiscal year totaled S$ 68.6 billion( US$ 53.03 billion ), an 13.1 percent increase over the previous year.
The Inland Revenue Authority of Singapore ( IRAS ) stated on Wednesday( Sept. 6 ) that the S$ 7.9 billion increase was a reflection of the nation’s economic recovery following the COVID-19 pandemic.
In the meantime, the arrears rate for income tax, goods and services tax( GST ), and property tax decreased to S$ 363.1 million, or 0.59 percent, down from 0.64 percent the previous fiscal year.
In a press release, IRAS stated that” taxes collected are used to help Singapore’s economic and social programs to attain quality growth and an inclusive society.”
Tax revenue set increased across all income categories.
According to IRAS, corporate income tax accounted for Sulfur$ 4.9 billion of the Randomness$ 7.9 billion increase in collection due to strong business profits.
” Indulgent income tax increased by S$ 1.3 billion as a result of higher personal wages, while GST rose by US$ 1.5 billion due to increased use and an increase in international visitors.”
However, due to a lower volume of transactions than the previous year, stamp duty collection fell by S$ 800 million, or 12 %.