6 October 2015
The Inland Revenue Authority of Singapore (IRAS) recently released its annual report for the financial year (FY) 2014/15. Key facts of IRAS’s collection from the 2014/15 Annual Report are as follows:
- Tax revenue collected increased by 4.4% to S$43.4 billion, or 71.3% of the government operating revenue.
- Income tax (corporate income tax, individual income tax and withholding tax) collection of $23.4 billion accounted for 54% of IRAS’s collection in FY2014/15.
- Corporate income tax collection grew by 5.4% due to increased corporate profits.
- Individual income tax collection grew by 16% due to higher individual earnings.
- GST collection increased by 7.4% from $9.5 billion in FY2013/14 to $10.2 billion in FY2014/15.
- Stamp duty collection dropped from $3.9 billion in FY2013/14 to $2.8 billion in FY2014/15, due to a lower volume of property transactions.
- Betting taxes collection increased by 8.9% to $2.6 billion due to higher collections from betting duty following the upward revision of betting duty rate from 1 July 2014.
- Close to 13,000 tax evasion/fraud cases were audited/investigated with more than $450 million in taxes and penalties recovered.
- Cost of tax collection was at $0.0082 for every dollar of tax collected or 5% lower compared to the last FY.
- More than 1.3 million taxpayers (or three in five taxpayers) on the No-Filing Service in 2015 were able to preview their tax bills and request an early assessment (Preview of Notice of Assessment (PNOA)).
The 2014/15 Annual Report is available on the IRAS website.