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Iras collects S$53.5b in tax revenues for FY2019/20

Overall takings up 2.1%, with personal income tax increasing the most, followed by corporate tax

Sharon See

Published Fri, Oct 16, 2020 · 09:50 PM

Singapore

REVENUE from corporate taxes and personal income taxes saw the biggest rise among all tax categories, as Singapore's tax authority reported a 2.1 per cent increase in overall takings for financial year 2019/2020. Overall, Iras collected S$53.5 billion in tax revenue.

Personal income tax, which constitutes 23 per cent of all tax collected, saw the largest increase at 5.7 per cent to S$12.4 billion, compared to the preceding year, showed the Inland Revenue Authority of Singapore's (Iras) latest annual report on Friday.