The amount went up 9.4% from the previous year, reaching the highest level ever recorded by the Inland Revenue Authority of Singapore (IRAS), it said in a recent statement.

The total was equivalent to 12.3% of Singapore’s gross domestic product. The financial year ended March 31, 2026.

Marina Bay, Singapore. Photo by Unsplash/Shan A. Rajpoot

Corporate income tax remained the largest source of tax revenue, accounting for over 35% of total collections.

Goods and services tax was the second-largest contributor, accounting for 22%. Individual income tax contributed 21.5%.

IRAS also processed nearly SGD1.2 billion in grants and payouts for about 126,200 businesses during the year through various support schemes.

It audited and investigated 8,560 cases involving taxpayers who willfully evaded taxes, recovering about SGD589 million in taxes and penalties.

Singapore is expected to grow 5% in GDP this year, up from 3.5% in 2025, according to forecasts by analysts.

The country ranked first in Asia and eighth globally in GDP per capita last year at $99,365, according to the International Monetary Fund.