Singapore tax collections grow 7.6% on economic growth, buoyant property market
The taxman collected 7.6 per cent more cash in its latest financial year, as the economy grew moderately and the buoyant property market yielded more stamp duty collections.
Total taxes collected was $41.4 billion for the 12 months to March 31, from $38.4 billion in the year before, according to the annual report of the Inland Revenue Authority of Singapore (Iras) released on Wednesday.
The money made up 74.1 per cent of all operating revenue for the Government. Some revenue collection falls to other agencies, such as motor-related payments like Certificates of Entitlement and Electronic Road Pricing.
Iras' collections include corporate taxes, individual income taxes, Goods and Services Tax (GST), stamp duties, property tax and betting taxes.