Property stamp duty collection jumps to S$3.2b; corporate, income taxes race past pre-Covid levels

Corporate, personal income taxes were also key drivers for growth in tax revenue, which will help fund Covid support moves

Nisha Ramchandani

Published Sat, Nov 6, 2021 · 05:50 AM

Taxes

Singapore

A ROBUST property market has contributed to a surge in stamp duties collected in the first half of Singapore's current financial year - a trend that could continue amid expectations of a banner year.

Tax revenue for April 2021 to September 2021 totalled S$39.43 billion, outstripping the S$23.74 billion collected in the corresponding period in FY20, going by data from the Accountant-General's department, available online at the Singapore Department of Statistics. The FY21 figure also surpasses the S$37.2 billion chalked up for the six month period in FY19, prior to the pandemic outbreak.

Economists cited stamp duties, as well as corporate and personal income taxes, as key drivers for the boost. They also said that the overall Budget deficit for FY21 may turn out smaller than the S$11 billion the government has projected, because h…