Singapore’s corporate tax takings in first 9 months of FY2022 exceed full-year estimate

IN THE first nine months of the government’s fiscal year, Singapore’s corporate income tax receipts have already exceeded its full-year estimate – with overall operating revenue also ahead of the pace, data from the Accountant-General’s Department showed.

At the three-quarter mark of FY2022, receipts of personal income tax and goods and services tax (GST) – the two next-largest components of operating revenue – have surpassed 80 per cent of full-year projections, according to data available on the Singapore Department of Statistics website.

Corporate income tax revenue for the first nine months, April through December 2022, was S$18.9 billion. This was already higher than the full-year estimate of S$18.2 billion, as well as the FY2021 full-year figure of S$17.5 billion.