Singapore collected S$97.3 billion in tax revenue, up 9.4%

In the financial year 2025/2026, Singapore's Inland Revenue Authority of Singapore collected a record $97.3 billion in tax revenue, marking a 9.4% increase from the previous year. This substantial growth was fueled by robust economic activity and heightened consumer spending. Over the past two decades, this stands as the highest tax collection ever recorded. These taxes constituted 74.8% of the government's operating revenue, equivalent to 12.3% of Singapore's Gross Domestic Product.

Corporate income tax saw the largest rise, reaching $34.4 billion from $30.9 billion, accounting for 35.4% of the total collection. The Goods and Services Tax, at 22.3% of the total, contributed $21.7 billion, an increase from the previous year's $20 billion. Individual income tax collections also grew to $20.9 billion, representing 21.5% of the total tax revenue. Property tax and stamp duty contributed $6.9 billion and $7.3 billion respectively.

Other sources of revenue included betting tax at $3.6 billion and withholding tax at $2.5 billion. IRAS processed nearly $1.2 billion in grants and payouts to approximately 126,200 businesses through various support schemes during the year. Compliance remained high, with arrears for income tax, GST, and property tax at just 0.64% of net tax assessed. The tax authority audited 8,560 cases involving tax evasion, recovering $589 million in taxes and penalties.

Starting from April 2028, GST-registered businesses will progressively need to join the InvoiceNow network and submit invoice data directly to IRAS, with this roll-out continuing until April 2031. IRAS is also advancing efforts to make digital services the default, with electronic payments reaching an adoption rate of 99.8%, electronic refunds at 99.7%, and eGIRO applications at 96.6%.