Understanding how a nation generates its revenue is key to understanding its economic priorities and resilience. Singapore's operating revenue is built on several key "pillars" that have shown interesting trends over the last few years, especially through the recovery period from 2020 onwards.
This post provides a visual breakdown of Singapore's Operating Revenue from FY2020 to the estimated figures for FY2025.
Revenue Pillars at a Glance
The Singapore government tracks revenue across several major categories: - Corporate Income Tax: The largest single contributor to the nation's coffers. - Personal Income Tax: Reflecting the earnings of the workforce. - GST (Goods and Services Tax): Consumption-based tax that has seen recent adjustments. - Assets (Property & Stamp Duties): Revenue tied to the real estate market. - Others: Includes volatile but significant sources like COE (Certificate of Entitlement) and Betting taxes.
Singapore Revenue Composition (FY2020 – FY2025)
FY2025 Estimated Revenue Share
Total Operating Revenue Trend
Detailed Revenue Table (S$ Billions)
Key Observations
- Steady Growth: Total operating revenue has grown from S$64.3 Billion in FY2020 to an estimated S$108.7 Billion in FY2025.
- Corporate Tax Dominance: Corporate Income Tax remains the bedrock of Singapore's revenue, consistently being the highest contributor.
- GST Impact: Following the phased GST increases, we can see a clear upward trajectory in GST collection, moving towards the S$20 Billion mark.
- Resilience of "Others": The "Others" category, which includes COE and other fees, remains a massive pillar, often rivaling Corporate Tax in its total contribution.
Data Source
The figures used in this analysis are sourced from the Ministry of Finance (MOF), Singapore Budget Reports (FY2020 – FY2025), and the Department of Statistics Singapore (SingStat).