Singapore tax officials to report the record tax revenues

The Singapore Tax Board collected 47 billion Singaporean dollars (34.5 billion UD) in tax revenues for the fiscal year 2017-2018, which is 5% more than in the previous year.

According to the annual report of the IRAS, published on February 22nd, the income tax (including corporate income tax) was 54 percent of the fees, and from 2015 to 2008 it was 1.1 billion Singaporean dollars (808 million US dollars).

The growth in tax revenues was due to a two percent growth in the economy in 2016, as well as a low unemployment rate of 2.1 percent. IRAS accounted for 68.2 percent of the total operating income of the Singapore government.

Goods and sales tax (GST) accounted for almost a quarter (24 percent) of income, and property tax — 9 percent. It is noteworthy that Stamp Duty increased by 18.4 percent to 3.3 billion Singaporean dollars ($ 2.4 billion), amounting to 7 percent of fees, due to the greater number of real estate transactions.