Strong economic and wage growth drive higher tax collection across most categories
Singapore’s tax revenue increased by 17%, reaching S$80.3 billion in FY2023/24, reflecting robust economic expansion and rising wages, according to the Inland Revenue Authority of Singapore (IRAS).
Key Highlights
Corporate income tax collections rose 25.6% to S$29 billion, fueled by strong corporate earnings.
Tax revenue accounted for 77.6% of the government’s operating revenue and 11.9% of Singapore’s GDP.
Most tax categories saw growth, except for stamp duty, which declined slightly due to lower property transactions.
Economic Outlook
The rise in tax revenue aligns with Singapore’s strong economic performance in 2022 and 2023, with higher nominal wages and corporate profitability contributing to higher tax contributions.
