Singapore's FY2025/26 Tax Revenue Up 9.4 Pct To S$97.3 Bln

By Anas Abu Hassan

SINGAPORE, Sept 4 (Bernama) -- Singapore collected S$97.3 billion (S$1=RM3.19) in tax revenue for financial year (FY) 2025/2026, up by 9.4 per cent compared with the preceding year amid stronger economic activity and consumer spending, the Inland Revenue Authority of Singapore (IRAS) said.

In a statement today, IRAS said the total tax revenue collected accounts for 74.8 per cent of the Singapore Government’s operating revenue and 12.3 per cent of Singapore’s gross domestic product (GDP).

"Beyond tax collection, IRAS processed close to S$1.2 billion in payouts to support businesses and workers, contributing to national resilience and inclusive growth.

"The arrears rate for income tax, Goods and Services Tax (GST), and property tax remains low at 0.64 per cent of net tax assessed," the statement said.

According to IRAS, corporate income tax increased to S$34.4 billion in FY2025, up from S$30.9 billion in FY2024. It remained the largest source of IRAS’ revenue collection, accounting for 35.4 per cent of the total.

GST was the second-largest contributor at 22.3 per cent (S$21.7 billion), up from S$20.0 billion in FY2024, reflecting higher consumer spending.

Income tax for individuals accounted for the third-largest share of IRAS’ revenue collection at 21.5 per cent (S$20.9 billion), up from S$19.1 billion in FY2024.

This was followed by property tax and stamp duty, which contributed 7.1 per cent (S$6.9 billion) and 7.5 per cent (S$7.3 billion) of IRAS’ revenue collection, respectively.

"Taxpayers continue to demonstrate strong compliance across all tax types, reinforcing IRAS’ role in shaping a responsible taxpaying community. 

The statement said the IRAS supports timely and accurate compliance and has made tax filing and payment simple and accessible through sustained public outreach.

-- BERNAMA