29 September 2011
The Inland Revenue Authority of Singapore’s (IRAS) annual report for the year 2010/11 is now available online.
Some key facts:
- Total tax revenue collected by IRAS for its financial year ended March 31, 2011 was a total of
$34.7 billion of tax revenue – 16.3% higher than the $29.9 billion the year before.
- Corporate income tax collected for FY2011 was $10.7 billion – 11.8% higher than last year.
- Individual income tax was 18% of all tax collected, and came up to $6.5 billion – 5.9% more than the previous year.
- Goods and services tax, made up of 24% of total tax revenue, was $8.2 billion in FY2011 or an increase of 18.6% over last year.
- Stamp duty came up to $3.3 billion, an increase of 37.3% from the year before.
- Betting taxes went up 31.9% to $2.3 billion from the financial year.
Did you know?:
- IRAS spent 0.87 cents to collect every dollar of tax.
- IRAS assessed 100% of YA2010 individual income tax returns by March 2011.
- Their target completion rate of 95% for corporate income tax was exceeded by assessing 99.5% of tax returns received in 2009 by December 2010.
- 98.5% of new properties listed in 2010 was assessed and 99.5% were reviewed of existing properties by 31 December 2010.
- A total of 10.9 million taxpayer records was processed and more than 9.5 million pages of documents into electronic images converted.
- IRAS handled a total of 10.8 million mail correspondences.
- Nine out of 10 individuals, or GST-registered businesses, and more than seven out of 10 companies filed their tax returns on time.
- 9,592 cases were audited and investigated and S$295 million in taxes and penalties were recovered.
- Total cumulative tax arrears decreased by 10% to S$603.6 million.
- Reviews of 33 tax policies and 109 tax rules and regulations were conducted by IRAS.
- Tax cooperation between Singapore and 26 other countries by incorporating the new internationally agreed Standard for the Exchange of Information for tax purposes in Avoidance of Double Taxation Agreements.
Please click here to view the report.