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Singapore's tax revenue up 3.2% to S$44.8b in FY15/16

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THE Inland Revenue Authority of Singapore (Iras) collected S$44.8 billion in tax revenue in FY15/16 - 3.2 per cent more than in the previous financial year.

THE Inland Revenue Authority of Singapore (Iras) collected S$44.8 billion in tax revenue in FY15/16 - 3.2 per cent more than in the previous financial year.

"Tax compliance in Singapore remained high and tax arrears low at 0.62 per cent of net tax assessed. Cost of collection was also kept low at 0.83 Singapore cents for every dollar collected," said Iras in a press release on Tuesday.

Income tax collection - comprising corporate and individual income taxes as well as withholding tax - increased 4.4 per cent from FY14/15, and made up 55 per cent of Iras's collection.

Goods and services tax (GST) collection represented 23 per cent of the overall pie, and increased marginally to S$10.3 billion from S$10.2 billion over the same period.

Iras added that Singapore's taxpayers continued to file and pay on-time, "contributing to a 96 per cent-high on-time filing rate by individuals, and 82 per cent-high on-time filing rate by companies".

In FY15/16, Iras audited and investigated some 11,450 taxpayers and recovered over S$411 million in taxes and penalties.