SINGAPORE: A total of S$60.7 billion in tax revenue was collected in the 2021/22 financial year, a 22.4 per cent jump from the previous year as the economy rebounded after COVID-19 restrictions were eased.
Tax revenue collection, which is used to support Singapore’s economic and social programmes, grew by an average of 4.8 per cent on a compounded annual basis over a five-year period, said IRAS, which released its annual report on Thursday. Corporate income tax, at S$18.2 billion, made up 30 per cent of IRAS’ collection. It went up by S$2.1 billion and accounted for the largest share.
Goods and Services Tax collection was S$12.6 billion, while stamp duty collection came in at S$6.8 billion.
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