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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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Elysia Tan

Elysia Tan

Published Fri, Sep 13, 2024 · 05:00 AM
    • The Inland Revenue Authority of Singapore notes that the number of tax residents with chargeable incomes of more than S$1 million continues to rise.
    • The Inland Revenue Authority of Singapore notes that the number of tax residents with chargeable incomes of more than S$1 million continues to rise. PHOTO: BT FILE

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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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    Singapore economyTaxesCorporate taxationGlobal minimum taxProperty taxEconomic growth

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