{"id":83063,"date":"2026-09-08T01:52:04","date_gmt":"2026-09-07T17:52:04","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=83063"},"modified":"2026-09-08T01:52:04","modified_gmt":"2026-09-07T17:52:04","slug":"asias-richest-country-collects-record-76-9b-in-taxes","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=83063","title":{"rendered":"Asia\u2019s richest country collects record $76.9B in taxes"},"content":{"rendered":"


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The amount went up 9.4% from the previous year, reaching the highest level ever recorded by the Inland Revenue Authority of Singapore (IRAS), it said in a recent statement.<\/p>\n

The total was equivalent to 12.3% of Singapore\u2019s gross domestic product. The financial year ended March 31, 2026.<\/p>\n\n\n\n\n
\"Marina<\/td>\n<\/tr>\n
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Marina Bay, Singapore. Photo by Unsplash\/Shan A. Rajpoot<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Corporate income tax remained the largest source of tax revenue, accounting for over 35% of total collections.<\/p>\n

Goods and services tax was the second-largest contributor, accounting for 22%. Individual income tax contributed 21.5%.<\/p>\n

IRAS also processed nearly SGD1.2 billion in grants and payouts for about 126,200 businesses during the year through various support schemes.<\/p>\n

It audited and investigated 8,560 cases involving taxpayers who willfully evaded taxes, recovering about SGD589 million in taxes and penalties.<\/p>\n

Singapore is expected to grow 5% in GDP this year, up from 3.5% in 2025, according to forecasts by analysts.<\/p>\n

The country ranked first in Asia and eighth globally in GDP per capita last year at $99,365, according to the International Monetary Fund.<\/p>\n<\/div>\n