{"id":37241,"date":"2019-09-06T17:32:31","date_gmt":"2019-09-06T09:32:31","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?p=37241"},"modified":"2019-09-06T17:32:31","modified_gmt":"2019-09-06T09:32:31","slug":"taxes-collected-by-iras-in-singapore-for-fy-2018-19","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/taxation\/taxes-collected-by-iras-in-singapore-for-fy-2018-19\/","title":{"rendered":"Taxes Collected by IRAS in Singapore for FY 2018\/19"},"content":{"rendered":"

Taxes in Singapore at $52.4 billion For FY 2018\/19<\/h2>\n

 <\/p>\n

\"TaxesIRAS Pulls in $52.4 Billion in Taxes, a 4.4% Increase From Last Year<\/h3>\n

It\u2019s a good FY 2018\/19 in Singapore, as taxman pulls in $52.4 billion in Singapore taxes amid healthy economic expansion.<\/p>\n

The Inland Revenue Authority of Singapore<\/a> (IRAS)\u2019s annual report said this year\u2019s taxes was up 4.4% from a year ago. Thanks to a 3.1% expansion in Singapore\u2019s economy<\/a> and a low 2.1% employment rate. Favourable economic performance certainly had a role to play in the higher tax collection.<\/p>\n

What IRAS<\/a> collected in taxes in Singapore will account for 71.1% of the government\u2019s operating revenue. This number represents 10.6% of the country\u2019s GDP economic output. However, economists are predicting tax collection to slow down for the rest of the year in line with the current slowdown in the economy.<\/p>\n

Singapore slashed its full-year growth forecast. The current forecast is zero to 1%, which is the slowest growth rate all decade. This is partly due to the direct onset of the US-China trade war, which has affected growth prospects globally.<\/p>\n

Taxes in Singapore makes its bulk revenue from income tax. This includes corporate income taxes, withholding taxes and individual income taxes. Individual income tax experienced an increase of 9.2%, thanks to an overall relief cap of $80,000 per YA. The cap was introduced in YA 2018.<\/p>\n

Corporate income taxes in Singapore<\/a> also increased by 7.3%. Following this was GST<\/a> as the next biggest category, comprising 21% of the total collection. The number taxpayers with an assessable income of more than $1 million rose to 6.9%.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Taxes in Singapore at $52.4 billion For FY 2018\/19   IRAS Pulls in $52.4 Billion in Taxes, a 4.4% Increase From Last Year It\u2019s a good FY 2018\/19 in Singapore, as taxman pulls in $52.4 billion in Singapore taxes amid healthy economic expansion. The Inland Revenue Authority of Singapore (IRAS)\u2019s annual report said this year\u2019s…<\/p>\n","protected":false},"author":57,"featured_media":37242,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-37241","post","type-post","status-publish","format-standard","has-post-thumbnail","category-taxation","category-67","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/37241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=37241"}],"version-history":[{"count":0,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/37241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/37242"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=37241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=37241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=37241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}