Tax revenue up 13.1% YoY in FY22/23

The government collected $68.6b in tax revenue for the period.

Given the economic recovery of Singapore, the Inland Revenue Authority of Singapore (IRAS) collected 13.1% YoY higher tax revenue for the FY22/23 period.

Based on IRAS’ annual report, the agency collected $68.6b in tax revenue for FY22/23.

IRAS said tax revenue collection rose across most tax types, led by corporate income tax (CIT), which accounted for $4.9b of the $7.9b increase in collection.

CIT also accounted for the largest share of IRAS revenue collection at 33.7% ($23.1b).

GST collected also increased in FY22/23, rising by $1.5b “due to higher consumption and a rebound in international arrivals.”

Meanwhile, Individual Income Tax (IIT) increased by $1.3b “on account of higher personal incomes.”

On the flip side, stamp duty collection declined, falling by $0.8 billion or 12% “due to a lower volume of transactions.”

Follow the link for more news on

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