IRAS tax revenue rises 10.7% to $88.9b in FY2024/25

Corporate Income Tax rose by 6.7% to $30.9b.

The Inland Revenue Authority of Singapore (IRAS) has collected $88.9b in tax revenue for the Financial Year (FY) 2024/25, up 10.7% from FY2023/24.

Corporate Income Tax rose by 6.7% to $30.9b in FY2024, an increase from $29b in the previous period.

Goods & Services Tax served as the second-largest contributor at $20b, up from $16.6b.

Individual Income Tax accounted for the third-largest share of IRAS’ revenue collection at $19.1b.

Property Tax and Stamp Duty contributed $6.6b and 6.6b of IRAS’ revenue collection, respectively. The increase in Stamp Duty collection was mainly attributed to a rise in property transaction volume.

The total tax revenue collected accounted for about 76.9% of the government’s operating revenue and 12.2% of Singapore’s GDP.

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Inland Revenue Authority of Singapore

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