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Tax collected climbs 10.7% to $88.9b; IRAS says compliance remains high
The Straits Times
|September 12, 2025
Corporate income tax is largest contributor to tax revenue; GST is second-largest
Tax collection in Singapore rose by 10.7 per cent, driven by robust economic growth and higher consumer spending.
In the financial year from April 2024 to March 2025, the Inland Revenue Authority of Singapore (IRAS) collected a total of $88.9 billion. This is higher than the $80.3 billion collected from April 2023 to March 2024.
The total tax revenue collected represented about 76.9 per cent of the Government's operating revenue and 12.2 per cent of Singapore's gross domestic product, IRAS said on Sept 11.
While tax compliance remains high in Singapore, IRAS said it continues to take a firm stance against the small minority of taxpayers who wilfully evade their tax obligations.
This story is from the September 12, 2025 edition of The Straits Times.
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