Taxes on goods and services in Singapore
Singapore: Taxes on goods and services was 4.0% in 2024. ▲ Rising
Taxes on goods and services in Singapore, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % value added of industry and services.
Analysis
Singapore recorded 4.0% for taxes on goods and services in 2024.
Compared with earlier readings it is up 3.8% on the previous year and down 10.5% over ten years.
Over the whole period, taxes on goods and services in Singapore peaked at 5.6% in 1994 and was at its lowest, 3.3%, in 2022.
That places Singapore 137th out of 154 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 53 years of available data.
Taxes on goods and services in Singapore, year by year
| Year | % value added of industry and services | Change |
|---|---|---|
| 1972 | 4.0% | — |
| 1973 | 3.9% | -3.5% |
| 1974 | 3.4% | -10.8% |
| 1975 | 3.5% | +2.5% |
| 1976 | 3.5% | -1.8% |
| 1977 | 3.9% | +11.8% |
| 1978 | 3.8% | -1.3% |
| 1979 | 4.1% | +7.5% |
| 1980 | 4.1% | -0.4% |
| 1981 | 3.7% | -8.7% |
| 1982 | 4.0% | +6.4% |
| 1983 | 4.0% | +1.6% |
| 1984 | 4.0% | -0.5% |
| 1985 | 3.8% | -5.3% |
| 1986 | 3.7% | -3.1% |
| 1987 | 4.3% | +16.7% |
| 1988 | 5.3% | +23.3% |
| 1989 | 5.3% | +0.1% |
| 1990 | 4.3% | -19.7% |
| 1991 | 4.3% | +0.8% |
| 1992 | 4.4% | +3.1% |
| 1993 | 4.6% | +4.6% |
| 1994 | 5.6% | +21.3% |
| 1995 | 5.6% | -1.1% |
| 1996 | 5.1% | -8.9% |
| 1997 | 4.8% | -5.2% |
| 1998 | 4.2% | -12.1% |
| 1999 | 4.8% | +13.7% |
| 2000 | 5.0% | +3.6% |
| 2001 | 4.8% | -4.1% |
| 2002 | 4.1% | -13.2% |
| 2003 | 5.1% | +22.7% |
| 2004 | 4.7% | -8.1% |
| 2005 | 4.5% | -4.7% |
| 2006 | 4.1% | -6.9% |
| 2007 | 4.7% | +14.4% |
| 2008 | 4.7% | -1.4% |
| 2009 | 4.7% | +0.4% |
| 2010 | 4.7% | -1.1% |
| 2011 | 4.6% | -2.0% |
| 2012 | 4.4% | -3.6% |
| 2013 | 4.3% | -1.3% |
| 2014 | 4.5% | +3.6% |
| 2015 | 4.4% | -1.6% |
| 2016 | 4.5% | +1.2% |
| 2017 | 4.2% | -5.4% |
| 2018 | 4.0% | -4.7% |
| 2019 | 4.0% | -1.1% |
| 2020 | 3.8% | -3.6% |
| 2021 | 3.7% | -3.3% |
| 2022 | 3.3% | -10.8% |
| 2023 | 3.9% | +16.6% |
| 2024 | 4.0% | +3.8% |
Singapore compared with similar countries
- Singapore's 4.0% is below the median for high income countries, which is 11.7%, 34% of the median. (55 countries reporting)
- Singapore's 4.0% is below the median for East Asia & Pacific, which is 7.8%, 51% of the median. (25 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 3.8% | 3.4% | 4.1% | 8 |
| 1980s | 4.2% | 3.7% | 5.3% | 10 |
| 1990s | 4.8% | 4.2% | 5.6% | 10 |
| 2000s | 4.6% | 4.1% | 5.1% | 10 |
| 2010s | 4.4% | 4.0% | 4.7% | 10 |
| 2020s | 3.8% | 3.3% | 4.0% | 5 |
Countries ranked near Singapore
More public sector data for Singapore
- Arms imports 348.00 million SIPRI trend indicator values (2024)
- Arms imports (SIPRI trend indicator values), per capita 57.65 SIPRI trend indicator values per person (2024)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0006 SIPRI trend indicator values per US$ of GDP (2024)
- Arms imports (SIPRI trend indicator values), annual growth rate -27.95 % change on previous year (2024)
- Arms imports (SIPRI trend indicator values), gaps filled 348.00 million SIPRI trend indicator values (2024)
- Military expenditure (current USD), per capita 2,495 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0.0263 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate 6.2 % change on previous year (2024)
- Military expenditure (current USD), gaps filled 15.06 billion current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 672,702 SIPRI trend indicator values per square kilometre (2023)
Frequently asked questions
- What is taxes on goods and services in Singapore?
- Taxes on goods and services in Singapore was 4.0% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on goods and services recorded in Singapore?
- The highest recorded value was 5.6% in 1994.
- What is the lowest taxes on goods and services recorded in Singapore?
- The lowest recorded value was 3.3% in 2022.
- How does Singapore rank for taxes on goods and services?
- Singapore ranks 137th out of 154 countries with data for 2024.
- Is taxes on goods and services rising or falling in Singapore?
- Over the last ten years it is down 10.5%. The long-run trend across the full record is rising.
- Where does this Singapore data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Taxes on goods and services (% value added of industry and services). Statizoid updates them automatically from the source API.
Download this data
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About this data
General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed as a percentage of value added in industry and services which is the contribution to the economy by industries in ISIC (Rev. 3) divisions 05-43 and 50-99.