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Singapore tax revenue up 17% to S$80.3 billion in FY23/24 due to ‘strong economic, wage growth’

Tax revenue rises across most categories, although stamp duty collection dips slightly due to lower property transaction volume

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Sharon See

Sharon See

Published Wed, Sep 4, 2024 · 02:31 PM — Updated Wed, Sep 4, 2024 · 10:39 PM
    • The total revenue collection represents about 77.6 per cent of the government’s operating revenue and 11.9 per cent of Singapore’s gross domestic product.
    • The total revenue collection represents about 77.6 per cent of the government’s operating revenue and 11.9 per cent of Singapore’s gross domestic product. PHOTO: BT FILE

    SINGAPORE’S tax revenue rose 17 per cent to hit S$80.3 billion for FY2023/24, a result that the taxman on Wednesday (Sep 4) said reflects strong economic growth and nominal wage growth in 2022.

    Tax revenue rose in most categories, based on the annual report of the Inland Revenue Authority of Singapore (Iras).

    Corporate income tax takings jumped 25.6 per cent to S$29 billion due to strong corporate earnings, Iras said. This is the largest share of Iras’ revenue collection at over a third.

    TaxesEconomic growth

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