, Singapore
Photo courtesy of Jisun Han.

Tax collections edge 22.4% higher to $60.7b in FY2021: IRAS

A total of $12.6b are from GST collections.

The Inland Revenue Authority of Singapore (IRAS) reported that it collected $60.7b in FY2021 from income tax (corporate, individual, and withholding), Goods and Services Tax (GST), property tax, stamp duty and betting taxes. This is 22.4% higher than in FY2020, which IRAS said was due to the economy rebounding after COVID restrictions were lifted. 

The total value represents 73.6% of the Singapore government’s operating revenue, and 11.4% of the country’s gross domestic product, IRAS said in its annual report released in August 2022.

Income tax for FY2021 amounted to $34.3b, whilst GST collection totalled $12.6b. Property taxes came at $4.7b, and Stamp Duty collection amounted to $6.8b. Betting taxes, which comprising Betting Duty, Casino Tax and, Private Lotteries Duty, totalled to $2.3b.

ALSO READ: Longer grace periods for companies under new tax frameworks: IRAS

IRAS also gave an update on current year arrears for income tax, GST and property tax. As of end 31 March, arrears for FY2022 have totalled $332.8m. This amounted to a tax arrears rate of 0.64%, slightly lower than FY2020’s 0.72%, IRAS noted.

IRAS shared that it audited and investigated a total of 8,665 cases. About $385m were also recovered from taxes and penalties.

As of March this year, it has already assessed 100% of the 2021 individual income tax returns received last year.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Auction houses thrive on Asian millennials’ art-buying power
Millennials are seen to be particularly drawn to contemporary art as growth for Christie’s, Sotheby’s, and Phillips are highly anticipated in art hubs Hong Kong and Singapore.
Generative AI can be harnessed to reshape jobs and improve productivity
Tech consultants list tips on how businesses should use AI and upskill their employees at risk of losing their jobs.
7 generative AI strategies for in-store management without replacing humans
Marketing  and e-commerce specialists said generative AI can be used as a chatbot and trainer for store managers, and businesses that do not have the tech will fall behind.