After 17% surge in last fiscal year, Singapore’s tax revenue expected to rise at slower pace in FY24/25
New top-up corporate taxes will not affect revenue just yet; higher personal income taxes from top earners may also not be significant
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AFTER rising 17 per cent to a new high in the last fiscal year, Singapore’s tax revenue is expected to increase further this year – but more slowly, say tax specialists.
Harvey Koenig, partner, telecommunications, media and technology and tax at KPMG Singapore, said: “There is unlikely to be a significant jump in corporate tax collections next year, in view that the Ministry of Trade and Industry recently narrowed its gross domestic product growth forecast for 2024 to 2 to 3 per cent.”
He added that this forecast is being made amid downside risks, with geopolitical and trade developments possibly dampening business sentiment.
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