IRAS tax collection for FY15/16 hits all-time high of S$44.8b
Amount makes up 11.1% of Singapore GDP; millionaires' club swells to 5,141 people from 4,557 a year earlier
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.
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