Asia’s richest country collects record $76.9B in taxes
Singapore, the richest country in Asia in terms of GDP per capita, collected a record SGD97.3 billion (US$76.9 billion) in tax revenue in the 2025-2026 financial year supported by stronger economic activity and consumer spending.
Singapore, Asia's wealthiest nation, has collected a record $76.9 billion in taxes for the fiscal year ending March 31, 2026, according to the Inland Revenue Authority of Singapore (IRAS). This marks a 9.4% increase from the previous year, setting a new all-time high. The total tax revenue equates to 12.3% of Singapore's Gross Domestic Product (GDP).
Corporate income tax was the primary source of tax collections, representing over 35% of the total. The second-largest contributor was the Goods and Services Tax (GST), accounting for 22% of the revenue. Individual income tax contributed 21.5% to the total. The IRAS also administered nearly SGD1.2 billion in grants and payouts to approximately 126,200 businesses through various support schemes.
The authority carried out audits and investigations into 8,560 cases of taxpayers who evaded taxes willfully, recovering roughly SGD589 million in taxes and penalties. Singapore's economic growth is anticipated to reach 5% in GDP this year, an increase from 3.5% in 2025, based on analyst forecasts. The country holds the top position in Asia and the eighth globally in terms of GDP per capita, according to the International Monetary Fund, with a value of $99,365 in 2025.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
