Tax collection down by 7.3% last FY; $28.2 billion in grants given out by Iras
- Posted by: vitu
- Categories: Asia, Singapore
SINGAPORE – Tax collection fell by 7.3 per cent in the last financial year, and a total of $28.2 billion 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 on Thursday (Sept 2) that total tax collection amounted to $49.6 billion, representing 73.6 per cent of the Government’s operating revenue and 10.6 per cent of Singapore’s gross domestic product.
Total tax collection fell due to dampened business activities amid the pandemic in Singapore, Iras said.