IRAS tax collection for FY15/16 hits all-time high of S$44.8b

Singapore

DESPITE slower economic growth, taxpayers have earned and contributed more to the government's coffers in the last financial year. The Inland Revenue Authority of Singapore (IRAS) collected S$44.8 billion in tax revenue for FY15/16 - marking a 3.2 per cent increase year on year, and a new all-time high.

More people made it to the millionaires' club too, with 5,141 taxpayers having an assessable income of more than S$1 million each, up from 4,557 the year before.

The total amount of tax collected accounted for 69.1 per cent of the government's operating revenue and 11.1 per cent of Singapore's GDP, said IRAS in its latest annual r…