Corporate Tax Growth Spurs 17% Rise in Singaporean Tax Revenue

Singapore collected S$80.3 billion ($61.6 billion) in tax revenue for the financial year 2023-2024, a 17% increase from the previous fiscal year.

Collections from corporate tax grew by 25.6% since 2022 to S$29 billion due to strong corporate earnings, according to a report published by the Inland Revenue Authority of Singapore on Wednesday.

Tax from corporate earnings represented 36.1% of IRAS’ total earnings, the largest share of the authority’s collections.

• Individual income tax and goods & services tax comprised 21.8% and 20.7%, respectively, of the authority’s collections.
• The IRAS recovered about S$857 million in taxes and ...