September 7th, 2010 - Yahoo!News
By Elena Torrijos
The Inland Revenue Authority of Singapore (Iras) collected
S$29.9 billion in taxes for fiscal year 2009/2010 or 0.2% higher
than that of the previous financial year on the back of a
“surprisingly buoyant property market”, and a shorter and less
severe economic downturn.
“Lower earnings reported by businesses and the 1% cut in
corporate tax rate reduced corporate income tax collection.
However, total tax revenue was boosted by higher individual income
tax due to higher wages earned in 2008, and higher stamp duty
collection due to higher levels of property transactions,” Iras
commissioner Moses Lee said in the agency’s latest annual
report.
According to a report by The Straits Times, corporate
income tax collection fell to S$9.6 billion for the financial year
in review from S$10. 6 billion.
Stamp duty tax collected by Iras jumped to S$2.4 billion from
S$1.4 billion taken in the previous year, whilst the amount of
personal income taxes received from individual tax payers rose to
S$6.1 billion from S$5.4 billion.
The collection of goods and services tax (GST) rose to S$6.9
billion from S$6.5 billion for the reference period.
