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Xiahou Dun
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Sep 6, 2010
Iras collects $29.9b in tax
<!-- by line --> By Francis Chan
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PHOTO: ST
BUOYED by a strong property market last year, the taxman collected $29.9 billion in tax for financial year 2009/10, 0.2 per cent more than the previous year, according to the Inland Revenue Authority of Singapore (Iras). Iras commissioner Moses Lee said a less severe economic downturn and a surprisingly buoyant property market in 2009 kept Iras' tax collection relatively unchanged, although lower earnings reported by businesses reduced corporate tax collection from $10.6 billion to $9.6 billion.
'However, total tax revenue was boosted by higher individual income tax due to higher wages earned in 2008, and higher stamp duty collection due to higher levels of property transactions,' said Mr Lee. That boosted stamp duty collection, which increased from $1.4 billion to $2.4 billion for the financial year of 2009/10. Individual tax payers forked up some $6.1 billion in personal income taxes, up from $5.4 billion, while Goods & Services Tax (GST) collection also went up to $6.9 billion from $6.5 billion in FY2008/09.<object height="405" width="500">
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