Chart of the Day: Corporate income tax is the highest source of government income

It took up 20% of the total.

This chart from the Bank of America Merrill Lynch (BofAML) shows that corporate income tax (CIT) was the largest source of Singapore's operating income in 2017, taking up 20% of the total.

The goods and services tax and personal income tax followed as the highest sources of income, eating up 16% and 15% respectively.

Vehicle taxes and premiums comprised 13% of the operating income, whilst asset taxes and customs and excise taxes took up 6% and 5% respectively.

Meanwhile, betting taxes and stamp duty taxes also contributed a small share of 4% each.

Other taxes comprised 17% of the total.

The chart is based on BofAML's estimates and Ministry of Finance (MOF) data.

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