IRAS disburses $28.2b grants to support businesses, jobs in pandemic

The value was published in a release by IRAS.

The Inland Revenue Authority of Singapore announced that $28.2b of grants were awarded to businesses in the financial year (FY) 2020/2021.

This covers several initiatives for those affected by the pandemic, including the Wage Credit Scheme, Jobs Support Scheme, Government Cash Grant, and Jobs Growth Incentive.

Also announced in the report was a total tax collection amounting to $49.6b, which makes up 73.6% of the government operating revenue and 10.6% of the country’s gross domestic product. The recorded amount was 7.3% lower compared to the previous FY.

62% of the collection came from total income taxes and amounted to $30.5b, a 0.9% decrease from FY 2019/2020. Corporate income tax, meanwhile, stood at $16.1b, 3.7% lower than the previous year. Goods and services tax also slumped by 7.3% year-on-year to $10.3b.

Follow the link s for more news on

Inland Revenue Authority of Singapore

post-pandemic

Tax collection

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia