SINGAPORE: Singapore collected S$ 80.3 billion ( US$ 61.4 billion ) in tax revenue , for the 2023/2024 financial year, a , 17 per cent increase from the previous year.
This increase reflects the” strong economic growth and nominal wage growth in Singapore in 2022″, said , the , Inland Revenue Authority of Singapore ( IRAS ) on Wednesday ( Sep 4).
The overall revenue series represents about 77.6 per cent of the president’s operating income and 11.9 per cent of Singapore’s gross domestic product.
” The taxes collected are used to fund essential services for our neighborhood, grow our business, enhance our existing culture, as well as aid social development programmes to improve the lives of Singaporeans”, said IRAS.
The arrears rate for , Goods and Services Tax ( GST ), income tax and property tax remained low at 0.64 per cent.
While income compliance is still high, IRAS said it will take strict action against the” small majority of citizens who refuse to comply and pay their fair share of income.”
It audited and investigated 9, 590 situations in the last fiscal year, recovering about S$ 857 million in taxes and penalties.