Tax revenue up over FY2019, but analysts say income tax, GST collections expected to drop next year

SINGAPORE – Taxpayers, both corporate and individual, contributed more to the Government’s coffers in the past financial year, but analysts caution that the pace could slowdown on the back of the Covid-19 pandemic.

The Inland Revenue Authority of Singapore (Iras) collected $53.5 billion in taxes in the fiscal year 2019/20, 2.1 per cent more than a year earlier, according to its annual report released on Friday (Oct 16).

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