BREAKDOWN OF TAX REVENUE
Corporate income tax, fuelled by strong corporate earnings, remained the largest contributor to tax revenue collection at 34.8 per cent. It rose 6.7 per cent to S$30.9 billion in FY2024, from S$29 billion the previous financial year.
GST formed the second-largest share of tax revenue collection at 22.6 per cent, or S$20 billion, up from S$16.6 billion in the last financial year.
The increase reflected higher consumer spending and the adjustment in the GST rate, IRAS said. The GST rate increased from 8 per cent to 9 per cent from Jan 1, 2024.
Individual income tax accounted for the third-largest share of revenue collection at 21.5 per cent. It rose from S$17.5 billion in FY2023 to S$19.1 billion, driven by higher wages and an increase in the number of taxpayers.
Property tax contributed 7.5 per cent of the revenue collection, or S$6.6 billion, while stamp duty collection formed 7.4 per cent of revenue collection, also S$6.6 billion.
The increase in stamp duty collection from S$5.8 billion was largely attributed to a rise in property transaction volume, IRAS said.
In the last financial year, IRAS processed over S$1.3 billion of disbursements to about 127,500 businesses, providing support for businesses, workers and jobs.
The grants were processed under various schemes, which included about S$924 million under the progressive wage credit scheme, S$277 million under the senior employment credit scheme and S$51 million under the CPF transition offset.
