Our Revenue Collection

IRAS is the main revenue-collecting agency of the government, responsible for the collection of Income Tax, Goods and Services Tax (GST), Property Tax, Stamp Duty and Betting Taxes. Taxes collected are used to support government expenditures to promote economic and social goals, and to maintain strong security and external relations for Singapore.

We collected a total revenue of S$50.2 billion in FY2017/18. This represents 66.2% of the Government Operating Revenue and 11.1% of Singapore’s Gross Domestic Product.

Revenue Collection - Tax 2017.18

Income Tax (Corporate Income Tax, Individual Income Tax and Withholding Tax) made up 54% of IRAS’ collection in FY2017/18, similar to the previous financial year. Total income taxes collected were S$27.2 billion, 6.3% higher as compared to S$25.6 billion in FY2016/17. The increase was attributed to higher Corporate Income Tax collection from improved corporate earnings.

We collected S$11.0 billion of GST in FY2017/18, similar to FY2016/17.

FY2017/18 Property Tax collection was consistent with FY2016/17, at S$4.4 billion.

Stamp Duty collection for FY2017/18 increased by 49.6% to S$4.9 billion due to a higher number of property transactions.

S$2.7 billion of Betting Taxes comprising Betting Duty, Casino Tax and Private Lotteries Duty were collected in FY2017/18, unchanged from the previous year.

Revenue Collection - Breakdown 2017.18