IRAS in numbers

$80.3 billion. That’s the total revenue from taxes which IRAS collected in FY2023/24.

Our cost of tax collection has been kept down at 0.56 cents for every dollar collected

Why do we collect taxes?  The taxes collected are used to support Singapore’s economic and social programmes to achieve quality growth and an inclusive society.

Here’s the breakdown collected from each tax type:

• Income Tax (Corporate Income Tax, Individual Income Tax and Withholding Tax) $48.7 billion
  
• Goods & Services Tax (GST) $16.6 billion
  
• Property Tax $5.9 billion
  
• Stamp Duty $5.8 billion
  
• Betting Taxes $3.2 billion