By Users UK

Main Menu

  • Home
  • Gross Income
  • Plaza Agreement
  • Official Settlements Balance
  • Capital Abundant
  • Accounts

By Users UK

Header Banner

By Users UK

  • Home
  • Gross Income
  • Plaza Agreement
  • Official Settlements Balance
  • Capital Abundant
  • Accounts
Gross Income
Home›Gross Income›Decline in fiscal revenue for fiscal year 2020/21 due to COVID-19 pandemic: IRAS

Decline in fiscal revenue for fiscal year 2020/21 due to COVID-19 pandemic: IRAS

By Daniel Bingham
September 2, 2021
0
0

SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) collected S $ 49.6 billion in tax revenue in fiscal year 2020/21, down 7.3% from the previous year.

The drop is due to “muted business activity amid the COVID-19 pandemic in Singapore,” the authority said in a press release Thursday (September 2).

The amount of tax revenue accounts for 73.6 percent of government operating revenue and 10.6 percent of Singapore’s gross domestic product.

Current-year arrears of income tax, goods and services tax (GST) and property tax have also fallen, from S $ 357 million the previous year. to S $ 323.8 million.

Total income taxes – which includes corporate income tax, personal income tax, and withholding tax – accounted for 62% of IRAS collection, he said. stated in the press release.

Income taxes collected in fiscal year 2020/21 totaled S $ 30.5 billion, down 0.9% from the S $ 30.8 billion collected in fiscal year 2019 / 20.

Corporate income tax collection decreased 3.7% from the previous year to S $ 16.1 billion, while personal income tax collection increased by 3% to S $ 12.8 billion.

GST and property tax collection fell 7.3% to S $ 10.3 billion and 34.3% to S $ 3.1 billion respectively. Stamp duty collection also fell to S $ 3.9 billion, down 7.2 percent from the previous year.

Betting taxes – comprising betting taxes, casino taxes and private lottery taxes – totaled S $ 1.7 billion, a drop of 34.3%.

“The decline in corporate tax collections and property taxes is mainly due to the implementation of business support measures such as tax breaks,” said IRAS.

“In addition, GST, stamp duty and betting tax collections were lower due to weaker economic conditions and circuit shutdown measures put in place during the year,” a- he added.

The agency has also planned measures to support businesses and individuals amid the disruption caused by the COVID-19 pandemic.

This included corporate and property tax refunds, extended tax filing deadlines, deferral of income tax payments and installments to facilitate cash flow for affected taxpayers.

“Since last year, IRAS has also intensified its new role as a center of excellence for delivering national grants to businesses – the salary credit program, the employment support program, the cash grants from the government and the incentive for job growth, ”he said.

A total of S $ 28.2 billion in grants were disbursed in fiscal year 2020/21 to support jobs and businesses during the pandemic.

Related posts:

  1. UFP Applied sciences proclaims its 2020 outcomes Nasdaq: UFPT
  2. Letters to the Editor | Geauga County Maple Leaf
  3. The legislation completely establishes a chance grant program for neighborhood faculties
  4. SBA dramatically will increase PPP mortgage quantity eligibility for brand new Schedule C debtors
Tagscovid pandemicfiscal yearincome taxpress release

Recent Posts

  • Alico reports net profit of $30.8 million
  • Knowledge Marine & Engineering Works Ltd announces 2021-22 results, solid revenue growth coupled with tripling of PAT
  • Get up to $1000 in site credit if your first bet loses
  • Hello, Buffalo for May 8: Is Bills’ Stadium deal with New York State and Erie County really “one of the worst” ever? |
  • The dilapidated Intimidators stadium is set to be demolished, given new life as an industrial park – Salisbury Post

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021

Categories

  • Accounts
  • Capital Abundant
  • Gross Income
  • Official Settlements Balance
  • Plaza Agreement

Recent Posts

  • Alico reports net profit of $30.8 million
  • Knowledge Marine & Engineering Works Ltd announces 2021-22 results, solid revenue growth coupled with tripling of PAT
  • Get up to $1000 in site credit if your first bet loses
  • Hello, Buffalo for May 8: Is Bills’ Stadium deal with New York State and Erie County really “one of the worst” ever? |
  • The dilapidated Intimidators stadium is set to be demolished, given new life as an industrial park – Salisbury Post

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021

Categories

  • Accounts
  • Capital Abundant
  • Gross Income
  • Official Settlements Balance
  • Plaza Agreement
  • TERMS AND CONDITIONS
  • Privacy Policy