Tax revenue rises 9.4% to $97.3b on stronger economic activity

Collections accounted for 74.8% of the government’s operating revenue.

The Inland Revenue Authority of Singapore (IRAS) collected $97.3b in tax revenue for Financial Year (FY) 2025/26, up 9.4% from FY2024/25, amidst stronger economic activity.

The amount accounted for 74.8% of the government’s operating revenue and 12.3% of GDP.

Corporate Income Tax remained the largest source of collections, rising to $34.4b from $30.9b in the previous financial year and accounting for 35.4% of total tax revenue.

Goods and Services Tax (GST) was the second-largest contributor at $21.7b, or 22.3% of collections, up from $20b a year earlier. IRAS attributed the increase to higher consumer spending.

Individual Income Tax contributed $20.9b, up from $19.1b, making up 21.5% of total collections. Stamp Duty and Property Tax contributed $7.3b and $6.9b, respectively.

IRAS processed close to $1.2b in payouts to about 126,200 businesses under schemes including the Progressive Wage Credit Scheme, Senior Employment Credit, and CPF Transition Offset.

The arrears rate for Income Tax, GST and Property Tax remained at 0.64% of net tax assessed.

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Inland Revenue Authority of Singapore

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