Singapore tax collection down by 7.3%

SINGAPORE: Tax collection fell by 7.3% in the last financial year, and a total of S$28.2bil (RM87.14bil) in grants was given out by the Inland Revenue Authority of Singapore (Iras) to support jobs and businesses during the Covid-19 pandemic.

Iras said that total tax collection amounted to US$49.6bil (RM153.27bil), representing 73.6% of the government’s operating revenue and 10.6% of Singapore’s gross domestic product.