Corporate income tax revenue grows 3.3% to $13.8b

It had the lion’s share of FY15/16’s tax collection.

Amidst a sluggish economy, Singapore’s corporate income tax revenue inched up 3.3% to $13.8 billion in FY15/16. It was the largest contributor to the city-state purse, accounting 31% of the total $44.8 billion tax collection in the current financial period.

According to the latest annual report of the Inland Revenue Authority of Singapore (IRAS), 82% of more than 191 thousand corporate income tax returns issued were filed on time. This was 0.1ppt lower however than that of the previous financial year.

The next largest revenue was from goods and services tax (23%), and individual income tax (21%), with $10.3 billion and $9.2 billion collections respectively.