Personal income tax is strong, but GST lagging behind
Singapore’s corporate income tax receipts for the first nine months of FY23 have almost reached the full-year estimate, marking a significant performance for the government. Personal income tax receipts are also performing well, reaching 80% of the full-year target. However, goods and services tax (GST) takings are falling short, with receipts below expectations.
Despite the challenges posed by the uncertain economic environment, overall operating revenue has been robust, signaling strong fiscal performance for the country. This data, released by the Accountant-General’s Department, highlights the government’s ability to achieve solid tax collection in areas like corporate and personal income taxes.
Economists, like Chua Han Teng from DBS, have noted the relatively strong fiscal position despite external uncertainties, reflecting resilience in tax revenue collection.
