Taxes and Nation Building

IRAS acts as agent of the government to assess, collect and enforce payment of taxes. In connection with such functions, IRAS is responsible for administering the following Acts:

  • Income Tax Act;
  • Economic Expansion Incentives (Relief from Income Tax) Act;
  • Property Tax Act;
  • Goods & Services Tax Act;
  • Betting & Sweepstake Duties Act;
  • Private Lotteries Act;
  • Stamp Duties Act;
  • Casino Control Act – Part IX (Casino Tax); and
  • Estate Duty Act

As the main tax administrator for the Ministry of Finance, IRAS plays a role in tax policy formulation by providing policy inputs, as well as the technical and administrative implications of each policy. IRAS also actively monitors developments in external economic and tax environment to identify areas for policy review and changes aimed at fostering a competitive tax environment that encourages enterprise and growth.

IRAS also grants licences for appraisers under the Appraisers Act.

The other non-revenue functions performed by IRAS include representing the government in tax treaty negotiations, providing advice on property valuation and drafting of tax legislation.  

Our Revenue Collection

IRAS plays a key role in the collection of tax revenue, which is the main source of Singapore’s Government Operating Revenue (GOR). In FY2016/17, a total of S$47.0 billion, or 68.2% of the GOR was collected by IRAS.

IRAS' Tax Collection

The distribution of taxes collected by IRAS in FY2016/17 is shown in the chart below. Corporate Income Tax is the largest source of tax revenue, contributing a total of $13.6 billion. The next largest contributor is Goods and Services Tax, at $11.1 billion. Individual Income Tax contributed $10.5 billion, followed by Property Tax at $4.4 billion.

FY1617 IRAS Collection by Tax Type