IRAS Annual Report FY2024/25
The Inland Revenue Authority of Singapore (IRAS) collected $88.9 billion in tax revenue for Financial Year (FY) 2024/25, a 10.7% increase from the previous year. This record revenue represents 76.9% of the Government’s Operating Revenue and 12.2% of Singapore’s GDP, underscoring IRAS’ pivotal role in funding essential public services, supporting economic growth, and enabling social programmes that benefit all Singaporeans.
Beyond tax collection, IRAS processed more than $1.3 billion in grants to around 127,500 businesses and workers under schemes such as the Progressive Wage Credit Scheme (PWCS), Senior Employment Credit (SEC), and CPF Transition Offset (CTO). These payouts reinforced national resilience and inclusive growth.
Taxpayer compliance remained robust, with an arrears rate of only 0.66% for Income Tax, GST, and Property Tax, reflecting strong discipline and effective enforcement.
Revenue Breakdown
- Corporate Income Tax: $30.9 billion (34.8% of total), up 6.7% from the previous year.
- Goods & Services Tax (GST): $20.0 billion (22.6% of total), boosted by consumer spending and the GST rate increase.
- Individual Income Tax: $19.1 billion (21.5% of total), reflecting higher wages and more taxpayers.
- Property Tax: $6.6 billion (7.5% of total).
- Stamp Duty: $6.6 billion (7.4% of total), rising with increased property transactions.
Driving Digital Transformation
In line with Singapore’s digitalization push, IRAS has introduced several initiatives to simplify compliance and improve taxpayer experience:
- GST InvoiceNow Requirement: Jointly rolled out with IMDA to streamline invoicing and GST reporting, with phased mandatory adoption from November 2025 onwards.
- eGIRO Expansion: Now available across seven banks and extended to corporate taxpayers, enabling instant setup of payment arrangements via myTax Portal (95% adoption rate).
- Enhanced myTax Portal: A refreshed interface with simplified navigation, centralized notifications, and improved access for taxpayers, tax agents, and businesses.
Safeguarding Compliance
While most taxpayers comply, IRAS continues to act firmly against evasion. In FY2024/25, more than 8,600 audits and investigations were conducted, recovering approximately $507 million in taxes and penalties.
