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Record high tax collection of $41.6b last year as arrears fall to all-time low

Published on Aug 25, 2014 12:54 PM
 
The taxman had a bumper year in the last financial year, adding a record amount to the government's coffers as tax arrears fell to an all-time low. -- PHOTO: ST FILE

SINGAPORE - The taxman had a bumper year in the last financial year, adding a record amount to the government's coffers as tax arrears fell to an all-time low.

Tax revenue collected for the 12 months to March 31 stood at $41.6 billion, according to the Inland Revenue Authority of Singapore (Iras).

The amount is 0.5 per cent higher than the $41.4 billion collected in the previous financial year.

Taxpayers have also become more compliant, paying up on time and filing their returns punctually. Tax arrears fell to a record low of 0.77 per cent of the total net tax assessed.

 
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