Singapore tax revenue hits S$97.3 billion in FY2025/26, up 9.4%
Singapore's tax revenue rose 9.4% year-on-year to S$97.3 billion in the 2025/2026 financial year, driven by stronger economic activity and consumer spending. The Inland Revenue Authority of Singapore reported that corporate income tax remained the largest contributor at S$34.4 billion, followed by G
SINGAPORE – Singapore’s tax revenue rose 9.4 per cent from the previous year to S$97.3 billion (US$76.8 billion) in the 2025/2026 financial year, according to official data released on Friday (Sep 4).
In its annual report, the Inland Revenue Authority of Singapore (IRAS) attributed the increase to “stronger economic activity and consumer spending”. The total tax revenue collected accounts for 74.8 per cent of the government’s operating revenue and 12.3 per cent of Singapore’s GDP.
“Tax revenue remains a key contributor to Singapore’s nation-building efforts. It enables us to build strong and inclusive communities, enhance public services and infrastructure, and support sustainable economic growth,” IRAS said.
Corporate income tax rose to S$34.4 billion, up from S$30.9 billion in the previous fiscal year, remaining the largest source of revenue at 35.4 per cent of total tax collection. GST was the second-largest contributor at 22.3 per cent, with S$21.7 billion collected, up from S$20 billion. Individual income tax accounted for the third-largest share at 21.5 per cent, amounting to S$20.9 billion, up from S$19.1 billion.
Property tax contributed 7.1 per cent (S$6.9 billion), while stamp duty contributed 7.5 per cent (S$7.3 billion). The arrears rate for GST, income tax and property taxes remained low at 0.64 per cent of net tax assessed, reflecting “both the strong commitment of taxpayers and effective enforcement to uphold compliance”.
IRAS said it will continue to take “firm action” against those who wilfully evade tax. In FY2025/26, it audited and investigated 8,560 cases, recovering about S$589 million in taxes and penalties.
During the financial year, IRAS processed nearly S$1.2 billion in disbursements to around 126,000 businesses under various schemes, including about S$791 million under the Progressive Wage Credit scheme, S$298 million under the Senior Employment Credit scheme and S$43 million under the CPF Transition Offset scheme.
