Record S$29.9 billion collected in taxes
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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.
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LOL...
Tax ordinary citizens more.
Tax businesses less. -
more tax revenue.
