THE Inland Revenue Authority of Singapore (IRAS) accumulated S$52.4 billion in annual tax revenue in the financial year 2018/2019, up 4.4 per cent from a year ago.
The growth has been blindsided by Singapore’s 3.2 per cent economic expansion in 2018, IRAS said on Monday in its own yearly report.
IRAS’s collection accounted for 71.1 per cent of authorities operating revenue (GOR), along with 10.6 per cent of Singapore’s gross domestic product (GDP).
Out of that sum, total income taxation made up 56 percent of IRAS’s set in the interval. This includes corporate income tax, individual income taxation and withholding tax.
Income taxes collected in the period amounted to S$29.4 billion, up 7.9 percent from S$27.2 billion accumulated from the financial 2017/2018 period.SEE ALSOWe know what you did (in the GST return) past summer…
Business income tax group, which makes up 31 per cent of total tax collection, rose on better corporate earnings.
Meanwhile, individual income taxation — that constitutes 22 percent of total tax collection — increased due to the introduction of an general relief cap of S$80,000 annually of assessment (YA) at YA2018, and the cessation of personal tax rebate in YA2017.
Goods and services tax (GST) group, which makes up 21 percent of total tax group, saw a marginal increase of 1.6 per cent to S$11.1 billion. It was in line with the growth observed in personal consumption expenditure in 2018.
Property tax collection for the interval has been S$4.6 billion from a lower quantity of property transactions.
Betting taxation, that include gambling duty, casino taxation and private lotteries obligation, was at S$2.7 billion, down 0.9 percent from a year ago.
The cost of tax collection remained low at 0.80 penny for each dollar collected.
“Tax revenue collected supported financing of essential government programmes to construct an innovative and connected economy, an excellent living environment and a caring and inclusive society,” IRAS said.