2 October 2012
The Inland Revenue Authority of Singapore (IRAS) has recently released its annual report for the financial year (FY) 2011/2012. Key facts of IRAS’s collection from the 2011/2012 annual report are as follows:
- Corporate income tax collection increased by 13.3% to S$12.1 billion.
- Individual income tax collection grew by 6.2% to S$6.9 billion.
- Withholding tax registered an additional collection of S$301 million over the amount collected in the previous financial year.
- GST collection rose 6% to S$8.7 billion, on the back of moderate growth in private consumption and tourism receipts.
- Property tax collection occupied a larger share of IRAS’s total collection at 10% in FY2011/12 as compared to 8% in the previous financial year. At S$3.9 billion, it registered an increase of 39.3% from S$2.8 billion from last financial year due to higher Annual Values and an increase in the number of properties.
- Stamp duty collection amounted S$3.2 billion, a 3.1% decline. The reduction was due to a lower number of property transactions from sale and purchase of property, in the wake of the property market cooling measures introduced in January 2011 and December 2011. However, this was partially offset by higher property prices and rentals, and a higher volume of property leasing transactions.
- Betting taxes increased by 4.2% to S$2.4 billion. Revenue from gaming activities in the two Integrated Resorts continued to grow, while private lotteries duty collection registered a decline.
- Estate duty collection arising from deaths occurring before 15 February 2008 was S$2.9 million.
Did you know?
- IRAS collected S$38.4 billion in tax revenue, 10.7% higher than the amount collected last year. The total cumulative tax arrears amount was S$483 million, a 20% drop compared to the previous financial year.
- IRAS assessed 99.1% of corporate income tax returns received in 2010 by December 2011.
- Total cumulative tax arrears was S$482.6 million, a 20% drop compared to last year.
- The cost of collecting taxes reached a four-year low. Every dollar of tax collected now costs 0.78 cents (0.87 cents in the previous financial year), making IRAS one of the most cost-effective tax administrations in the world.
- IRAS served more than 3.6 million taxpayers, comprising individuals, property owners and businesses.
- A total of 13.8 million payment transactions were handled, and made 99% of tax refunds within 14 days from the date when the credit arises.
- 740,000 individuals were eligible for the No-Filing Service in YA 2012.
- 925,000 taxpayers filed their individual income tax returns electronically in YA 2012, setting a new record e-filing rate of 97%.
- 1.2 million employees, an increase of 100,000 employees enjoyed a simplified filing experience as their salary information for YA 2012 was provided to IRAS by their employers under the Auto-Inclusion Scheme for Employment Income.
- 95% of respondents to the biennial Taxpayer Survey conducted in 2011 were satisfied with IRAS’s service.
- IRAS audited and investigated 12,490 cases and recovered S$273 million in taxes and penalties.
- The new internationally agreed Standard for the Exchange of Information for tax purposes was incorporated in Protocols/Avoidance of Double Taxation Agreements with 6 other countries, bringing the number of countries which Singapore has enhanced tax cooperation to 32.
The 2011/12 annual report is available on the IRAS website.
Source: Inland Revenue Authority of Singapore (IRAS)