GST revenue made up the third-largest share of Iras’ revenue collection, at 20.5 per cent. Read more at straitstimes.com.
SINGAPORE – Tax collection here rose by $7.9 billion in the last financial year compared with the previous year, amid higher goods and services tax revenue and as the post-pandemic economic recovery lifted corporate earnings.
The arrears rate for income tax, GST and property tax fell to 0.59 per cent at $363.1 million for the last financial year, compared with 0.64 per cent in the year before. GST revenue rose by $1.5 billion to $14.1 billion due to higher consumption and a rebound in international arrivals, said Iras. It made up the third-largest share of Iras’ revenue collection, at 20.5 per cent.and will go up another percentage point to 9 per cent on the same day in 2024.
This was an increase from the 8,665 cases it audited and investigated, and $385 million it recovered in the previous financial year, according to its annual report then. Iras said most taxpayers no longer require assistance to file taxes, owing to efforts to encourage the use of self-help services, and tools such as a new AI bot.From the year before to the last financial year, taxpayer contacts fell by 3.6 per cent to 1.3 million, while self-help transactions via digital services increased by 12 per cent to 43 million.
The bot can also handle requests such as payments, reactivating Giro plans, and waivers of late filing fee and payment penalty, said Iras.
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