• $88.9 billion tax revenue collected to support Singapore’s economic and social growth
• $1.3 billion enterprise grants processed to support businesses and workers
• Enabling seamless tax experiences through digital solutions

The Inland Revenue Authority of Singapore (IRAS) collected $88.9 billion in tax revenue for Financial Year (FY) 2024/25 – 10.7% higher than in FY2023/24 – driven by robust economic growth and higher consumer spending.

The total tax revenue collected represents about 76.9% of the Singapore Government’s Operating Revenue and 12.2% of Singapore’s Gross Domestic Product. The taxes collected play a vital role in supporting essential public services, driving economic growth, enhancing our living environment, and enabling social programmes that uplift the lives of Singaporeans.

Beyond tax collection, IRAS processed $1.3 billion in payouts to support businesses and workers, reinforcing its commitment to national resilience and inclusive growth.

The arrears rate for Income Tax, Goods and Services Tax, and Property Tax remained low at 0.66%, reflecting strong taxpayer compliance and effective enforcement.

Breakdown of Tax Revenue Collection

Fuelled by strong corporate earnings, Corporate Income Tax (CIT) rose by 6.7% to $30.9 billion in FY2024, up from $29.0 billion in the previous FY. It remained the largest contributor to IRAS’ revenue collection, accounting for 34.8% of total collection.

Goods & Services Tax (GST) was the second-largest contributor at 22.6% ($20.0 billion), up from $16.6 billion in the previous FY. The increase reflected higher consumer spending and the adjustment in the GST rate.

Individual Income Tax (IIT) accounted for the third-largest share of IRAS’ revenue collection at 21.5% ($19.1 billion), up from $17.5 billion in FY2023, driven by higher wages and an increase in the number of taxpayers.

Property Tax and Stamp Duty contributed 7.5% ($6.6 billion) and 7.4% ($6.6 billion) of IRAS’ revenue collection respectively. The increase in Stamp Duty collection, from $5.8 billion in the previous FY, was largely attributed to a rise in property transaction volume.

Over $1.3 Billion in Grants Processed to Support Businesses and Workers

In FY2024/25, IRAS processed over $1.3 billion of disbursements to about 127,500 businesses, providing support for businesses, workers, and jobs. These grants were processed under various schemes, with the key ones being the Progressive Wage Credit Scheme (PWCS), Senior Employment Credit (SEC), and CPF Transition Offset (CTO).

Enabling Seamless Tax Experiences Through Digital Solutions

In support of Singapore’s broader digital transformation strategy, IRAS continues to improve the experience of both taxpayers and businesses. Through innovative digital solutions, IRAS is streamlining tax processes to be simpler, smoother, and more convenient than before.

Key initiatives include:  

-        Supporting Digitalisation and Digital Invoicing with the GST InvoiceNow Requirement

IRAS and IMDA have jointly rolled out the GST InvoiceNow Requirement to help businesses streamline tax compliance through digital invoicing, and support business digitalisation. Under this initiative, GST-registered businesses will submit invoice data directly to IRAS, improving efficiency and compliance. Announced in April 2024, the initiative began with a soft launch for early adopters in May 2025 and will see phased mandatory adoption for newly incorporated companies that register for GST voluntarily from 1 November 2025, and for all new voluntary GST registrants from 1 April 2026.  

-        Enabling Seamless Tax Payment Experience with eGIRO

IRAS has improved the GIRO application process by expanding its eGIRO service from two to seven participating banks for individual taxpayers and extending it to corporate taxpayers. Both individual and corporate taxpayers can now set up GIRO arrangements via myTax Portal within minutes – replacing the previous three-week process that involved manual forms and physical signatures. 95% of taxpayers now submit their GIRO applications electronically, making tax payments more convenient.

 -        Providing Taxpayer-Centric Digital Services through myTax Portal Enhancement

In line with our commitment to providing seamless and taxpayer-centric digital services, IRAS has enhanced the myTax Portal to deliver a more intuitive and efficient experience for taxpayers, tax agents, and businesses. The upgraded portal features a refreshed interface, simplified navigation, and a centralised notifications hub, enabling users to access services more easily and stay informed of their tax matters. These enhancements have strengthened our digital service delivery and improved overall tax management by offering clearer insights into tax obligations and streamlining interactions with IRAS.

Strengthening Tax Compliance Through Innovation and Outreach  

IRAS drives consistent, on-time tax filing and payment through public outreach and providing a seamless taxpaying experience.

While tax compliance remains high in Singapore, IRAS continues to take a firm stance against the small minority of taxpayers who wilfully evade their tax obligations. In FY2024/25, we audited and investigated over 8,600 cases, recovering approximately $507 million in taxes and penalties.

For more details, please refer to the IRAS Annual Report FY2024/25 and tax statistics.

Inland Revenue Authority of Singapore