23 Sep 2015
This amount represents 71.3 per cent of the Government Operating Revenue, IRAS said in a media release on Wednesday (Sep 23).
Of the total figure, 54 per cent, or S$23.4 billion, was collected in Income Tax, including Corporate Income Tax, Individual Income Tax and Withholding Tax, IRAS said.
Contributing to the increase were improved corporate profits which raised Corporate Income Tax collection by 5.4 per cent over the previous Financial Year, as well as the 16 per cent increase in Individual Income Tax collection due to higher individual earnings.
IRAS said "moderate growth" in private consumption expenditure drove an increase in GST collection, from S$9.5 billion in FY2013/14 to S$10.2 billion in FY2014/15 - a rise of 7.4 per cent.
Stamp duty collection decreased from S$3.9 billion in FY2013/14 to S$2.8 billion in FY2014/15, due to a lower volume of property transactions in the wake of property market cooling measures.
About S$2.6 billion in Betting Taxes was collected in FY2014/15, representing an 8.9 per cent increase from FY2013/14, due to higher collections from Betting Duty following the upward revision of Betting Duty rate from Jul 1, 2014.
TAX AND TECHNOLOGY
IRAS said a move to keep the tax system "simple and robust" made tax collection more efficient, with on-time filing and on-time payment rates of 90 per cent on average across all tax types.
Such moves included the rollout of the online filing of tax returns to all companies regardless of annual revenue in June this year, as well as the Preview Notice of Assessment, in which more than 1.3 million taxpayers on the No-Filing Service were able to preview their tax bills and request an early assessment.
As a consequence, the cost of tax collection was kept low, at S$0.0082 for every dollar of tax collected - 5 per cent lower than S$0.086 in FY2013/14. Tax arrears also remained low at 0.81 per cent of total net tax assessed, IRAS said.
In FY2014/15, IRAS said it audited and investigated close to 13,000 tax evasion/fraud cases and recovered more than S$450 million in taxes and penalties, in part thanks to the use of business analytics to match and analyse data, as well as identify taxpayers with higher risk profiles.
"We will continue to simplify the tax rules and filing and payment processes, thereby enhancing voluntary compliance," said IRAS Commissioner Tan Tee How.
Singapore tax collection hits record high of $43.4b
Total tax collected for the 12 months to March 31, 2015, climbed to an all-time high of $43.4 billion, according to the Inland Revenue Authority of Singapore's latest annual report.
SINGAPORE - The taxman raked in record tax revenue in the last financial year as individuals and companies earned more and contributed to the Government's coffers.
Total tax collected for the 12 months to March 31 climbed to an all-time high of $43.4 billion, according to the Inland Revenue Authority of Singapore's (Iras) latest annual report out on Wednesday (Sept 23).
It was 4.4 per cent higher than the $41.6 billion collected in the previous financial year.
The number of millionaires increased by 326 - with 4,557 earning assessable income of over $1 million each, up from the 4,231 millionaires in the previous year.
Their combined income came to $8.63 billion and they paid about $1.60 billion in income tax.
In comparison, the previous year's millionaire batch had a total income of $8.04 billion and paid $1.48 billion in tax.
A further 14,757 people earned between $500,000 and $1 million each, up from 13,714 people in the previous year.
There continues to be a high level of voluntary compliance with on-time filing and on-time payment rates of 90 per cent on average, across all tax types, Iras said.
Tax arrears rose from 0.77 per cent of the total net tax assessed to 0.81 per cent.
Iras said it has tapped on business analytics to detect non-compliance more effectively.
"Our auditors and investigators are able to more accurately match and analyse data, and identify taxpayers with higher risk profiles," it said.
It investigated close to 13,000 tax evasion or fraud cases in the year, recovering about $450 million in taxes and penalties.
In a statement, Mr Tan Tee How, Commissioner of Inland Revenue, thanked taxpayers and stakeholders for the "trust and confidence in our tax system."
"Taxpayers and supporting nation-building by filing and paying on time. We will continue to simplify the tax rules and filing and payment processes, thereby enhancing voluntary compliance."