Room for further growth in taxman's tally

OVER the 12-month period ended March 31, 2017, Singaporeans paid S$47 billion in taxes. This represents a 5 per cent growth in tax collection compared to the previous 12-month period.

At first glance, this comes as a surprise in the light of the current uncertain business and economic environment, especially coupled with the fact that tax collection for the corporate sector (corporate income tax) dipped by 1.6 per cent compared to the previous financial year.

However, a closer look at the statistics reveals that the real growth came from an increase in the collection of personal income tax, Goods and Services Tax (GST), stamp duty and withholding tax.