Singapore collected S$88.9 billion in tax revenue for the financial year 2024/25, marking a 10.7 per cent increase from the previous year’s S$80.3 billion, according to the Inland Revenue Authority of Singapore (IRAS). This amount accounts for 12.2 per cent of the nation’s GDP and 76.9 per cent of the Government’s operating revenue.
The surge was largely attributed to higher consumer spending, wage growth, and the increase in the Goods and Services Tax (GST) from 8 to 9 per cent. IRAS highlighted that these factors, along with a larger base of taxpayers, drove overall collections upward.
GST and corporate income tax lead collections
GST was the second-largest contributor, bringing in S$20 billion — a sharp rise from S$16.6 billion the year before. The boost was attributed to both higher household and business consumption as well as the GST hike implemented in 2024.
Corporate income tax remained the top revenue source, contributing S$30.9 billion, up 6.7 per cent from S$29 billion the previous year. This reflects Singapore’s strong corporate sector performance and continued global investments in the city-state.
Individual income tax collections also grew significantly, rising to S$19.1 billion from S$17.5 billion, accounting for 21.5 per cent of total revenue. IRAS noted this was driven by wage increases and a growing number of taxpayers.
Other taxes and compliance rates
Stamp duty collections increased to S$6.6 billion from S$5.8 billion, reflecting higher property transactions. Other contributors included property tax, betting duties, and withholding tax.
Tax compliance remained high, with 97.1 per cent of individuals filing on time. Of nearly 3 million assessed taxpayers, more than 2.3 million were liable to pay taxes, and 91.9 per cent met deadlines.
Beyond collections, IRAS disbursed S$1.3 billion to about 127,500 businesses under schemes like the progressive wage credit scheme, senior employment credit and CPF transition offset, supporting businesses and workers amid economic transitions.
The figures underscore Singapore’s strong fiscal position, with IRAS stressing its role in balancing robust revenue collection with fair support for both individuals and enterprises.