The Inland Revenue Authority of Singapore (IRAS) say it has collected a record $43.4 billion in tax revenue last financial year, citing increased earnings for individuals and companies.
In IRAS’ latest annual report released on Wednesday, the amount of $43.4 billion was 4.4% higher than the $41.6 billion collected in the financial year before last year’s.
IRAS’ statistics show that the number of million airs increased by 326. Now 4,557 individuals have assessable incomes of over $1 million each, an increase from the 4,231 millionaires in the preceding year. This group paid $1.60 billion in income tax.
In comparison, the previous year’s millionaire batch paid $1.48 billion in tax.
14,757 people earned between $500,000 and $1 million each, up from 13,714 people in the preceding year.
According to IRAS, there is a high level of voluntary compliance with on-time filing. On-time payments stand at 90% of all tax payers, across all tax types. However, tax arrears (or those who owe taxes) rose from 0.77% last year to 0.81% this year.
IRAS says it ha investigated close to 13,000 tax evasion or fraud cases in the year, recovering about $450 million in taxes and penalties.