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)

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.

Source: IRAS