S'pore tax revenue up 17% to $80.3b amid wage and economic growth

Tax collected ($ billion) FY2019 FY2020 FY2021 FY2022 FY2023 53.5 49.6 60.7 68.6 80.3 Business Correspondent Tax collection in Singapore rose by 17 per cent, continuing an upward trajectory on the back of economic growth and higher nominal wages.

- Prisca Ang

In the financial year covering April 2023 to March 2024, the Inland Revenue Authority of Singapore (Iras) collected a total of $80.3 billion. This is 17 per cent higher than the $68.6 billion collected from April 2022 to March 2023.

The latest amount represented 77.6 per cent of the Government's operating revenue and 11.9 per cent of Singapore's gross domestic product, said Iras on Sept 4.

While tax compliance remains high in Singapore, Iras said it remains vigilant and will take firm action against the small minority of taxpayers who do not comply with paying their taxes.

The tax authority said it audited and investigated 9,590 cases in the latest financial year, and recovered about $857 million in taxes and penalties. This was up from around $500 million in taxes and penalties it recovered in the previous financial year.