Singapore last fiscal year reached 53.5 billion yuan, an increase of 2.1% over the previous fiscal year.

According to the authority’s 2019/20 annual report, income tax including corporate tax, personal income tax and withholding tax accounted for 57% of total tax revenue, reaching 30.8 billion yuan, 4.8% more than the 29.4 billion yuan in the previous fiscal year. This is mainly because corporate profits and personal income have increased, and corporate tax and personal income tax have increased by 4.3% and 5.7% respectively.

In addition, the consumption tax levied by the authorities rose slightly by 0.2% to 11.2 billion yuan. Real estate taxation increased by 2.4% to 4.8 billion yuan. Due to the decline in real estate transaction volume, stamp duty fell by 8.9% to 4.2 billion yuan. Tax revenue from the gambling industry fell 1.6% to 2.6 billion yuan.

The report also shows that the cost of each dollar of tax collected by the tax bureau remains at a low level of 0.78 cents. The tax arrears rate also remained at a low level of 0.79%.

The annual report also pointed out that tax revenue is equivalent to 72% of government operating expenditures and 10.5% of GDP to fund various social, economic and security programs.