Singapore’s tax haul nears S$100b after 9.4pc jump

Singapore's tax revenue increased by 9.4% to reach S$97.3 billion in the 2025/26 financial year, according to official figures released by the Inland Revenue Authority of Singapore (IRAS). This significant rise in tax collections, totaling nearly three-quarters of the government's operating revenue, was equivalent to 12.3% of the country's GDP.

Corporate income tax remained the largest contributor, growing to S$34.4 billion from S$30.9 billion the previous year, accounting for 35.4% of the total tax revenue. Goods and Services Tax (GST) was the second-largest source of revenue, generating S$21.7 billion, up from S$20 billion, and representing 22.3% of the overall tax take.

Individual income tax receipts also climbed to S$20.9 billion, making up 21.5% of the total collections. Property tax contributions were S$6.9 billion, while stamp duty brought in S$7.3 billion. The IRAS attributed the overall increase in tax revenue to "stronger economic activity and consumer spending." Despite the growth, tax arrears remained low, with outstanding GST, income, and property taxes amounting to just 0.64% of net tax assessed.

The authority emphasized its commitment to enforcing compliance and taking firm action against deliberate tax evasion. During the financial year, IRAS audited and investigated 8,560 cases, recovering about S$589 million in taxes and penalties. In addition to tax collection, IRAS processed nearly S$1.2 billion in payouts to approximately 126,000 businesses under government support schemes, including S$791 million from the Progressive Wage Credit Scheme, S$298 million from the Senior Employment Credit Scheme, and S$43 million from the CPF Transition Offset scheme.