IRAS Revenue Collection: Supporting Singapore’s Growth with Responsible Taxation
Introduction
The Inland Revenue Authority of Singapore (IRAS) plays a central role in sustaining Singapore’s economic and social development. In the latest fiscal year, IRAS collected large‐scale tax revenue that enabled funding for public services, infrastructure, and social programs.
Key Figures: What We Collected
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Total tax revenue in FY 2024/25 rose to S$88.9 billion, an increase of 10.7% compared to FY 2023/24.
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That total accounts for about 76.9% of the Singapore Government’s Operating Revenue, and represents 12.2% of Singapore’s Gross Domestic Product (GDP).
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IRAS also processed S$1.3 billion in enterprise grants to support businesses and workers.
Breakdown by Tax Type
Here is how different tax categories contributed:
| Tax Type | Amount Collected | Share of Total Collections |
|---|---|---|
| Corporate Income Tax (CIT) | S$30.9 billion | 34.8% |
| Goods & Services Tax (GST) | S$20.0 billion | 22.6% |
| Individual Income Tax (IIT) | S$19.1 billion | 21.5% |
| Property Tax | S$6.6 billion | ~7.5% |
| Stamp Duty | S$6.6 billion | ~7.4% |
These rises stem from stronger economic activity, wage growth, and increased consumer spending.
Compliance & Arrears
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IRAS maintained a very low arrears rate of 0.66% for Income Tax, GST and Property Tax.
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That reflects high compliance levels among taxpayers and strong tax administration.
Impact & Why It Matters
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The revenue collected enables continued investment into key areas like healthcare, public transport, education, and housing.
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Grants and payouts of S$1.3 billion show that IRAS doesn’t just collect—it also helps support businesses and workers.
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With digital improvements in filing, payments, and service delivery, IRAS is driving toward more efficiency and higher transparency.
Looking Ahead
IRAS will keep refining its policies, systems, and engagement approaches to ensure that tax collection balances fairness, efficiency, and support for economic resilience.
Disclaimer: This article is for informational purposes only and does not constitute any professional advice. Feel free to contact us to consult with our professional advisors team for personalized advice and guidance.
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