Singapore’s tax revenue rises 13.1% in 2022

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Tax collection here rose by 13.1 per cent, continuing an upward trajectory that was interrupted only by a Covid-19 blip, to hit its highest level yet at $68.6 billion.

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The latest amount of $68.6 billion represented 75.4 per cent of the Government’s operating revenue and 10.7 per cent of Singapore’s gross domestic product, said the Inland Revenue Authority of Singapore (Iras) on Sept 6, 2023. GST revenue rose by $1.5 billion to hit $14.1 billion due to higher consumption and a rebound in international arrivals, said Iras.

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