Singapore tax revenue up 9.4%, hits record $97b

Singapore collected $97.3 billion in tax revenue in the financial year of 2025/2026, up 9.4 per cent from the previous year amid stronger economic activity and consumer spending, said the Inland Revenue Authority of Singapore (IRAS) on Friday (Sep 4). In its annual report, IRAS said the amount accounted for 74.8 per cent of the Government's operating revenue and 12.3 per cent of the country's gross domestic product. According to IRAS data dating back to 2002, this was the highest tax collection on record, reported The Straits Times. Corporate income tax remained the largest source of tax revenue at $34.4 billion, up from $30.9 billion the previous year, accounting for 35.4 per cent of total tax collection.Goods and Services Tax (GST) was the second-largest contributor, up to $21.7 billion from $20 billion, accounting for 22.3 per cent of total tax collection amid higher consumer spending, IRAS said.Individual income tax contributed $20.9 billion, or 21.5 per cent of total tax collection, up from $19.1 billion in FY2024.