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.

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Inland Revenue Authority of Singapore

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