, Singapore
166 views
Photo by Jon Tyson via Unsplash.

Over $2.28b in gov't aid disbursed to SG businesses in 2023

IRAS also gave out $2.28b in government schemes to over 131,000 businesses.

Singapore gave out over $2.28b in government schemes to more than 131,000 businesses in 2023, according to the latest annual report by the Inland Revenue Authority of Singapore (IRAS).

IRAS collected over $80.3b in tax revenue in FY2023, which accounted for 77.6% of the Government’s operating revenue. 

Tax revenue was reportedly buoyed by strong Corporate Income Tax collections and higher Goods & Services Tax (GST), IRAS said.

Of the over $2.28b allotted to schemes, about $1.67b were funneled for the Progressive Wage Credit scheme. Meanwhile, $311m were allotted to senior employment credit; and $177m for the Jobs Growth Incentive.

Join Singapore Business Review community

Follow the link for more news on

Join Singapore Business Review community
A NOTE FROM SINGAPORE BUSINESS REVIEW

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.

Top News

Horizon3 sets up ASEAN headquarters in Singapore
The cybersecurity company will expand its local team following a $319.8m (US$250m) funding round.
September surge masks looming export slowdown to 6% in 2027
Maybank raised its 2026 forecast to 27% from 18% in the same report.Non-oil domestic exports (NODX) growth could slow to 6% in 2027 as supply chain pressures and higher financing costs weigh on shipment momentum, Maybank Research Pte Ltd said.
Economy

Exclusives

Singapore opens door to foreign stablecoins under tighter rules
Banks may need separate companies to issue stablecoins under the proposed framework.
Singapore's most notable architecture professionals under 40 of 2026
The honourees span five firms, with women in the majority and a combined portfolio that includes a $960m hospital campus.