Taxes on income, profits and capital gains in Singapore
Singapore: Taxes on income, profits and capital gains was 39.0% in 2024. ▲ Rising
Taxes on income, profits and capital gains in Singapore, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of revenue.
Analysis
In 2024, taxes on income, profits and capital gains in Singapore stood at 39.0%.
The figure is down 2.4% on the previous year and up 17.2% over ten years.
Over the whole period, taxes on income, profits and capital gains in Singapore peaked at 40.0% in 2023 and was at its lowest, 19.1%, in 1987.
Singapore ranks 18th of 153 countries on this measure, in the top quarter.
The long-run direction has been consistently rising across the 53 years of available data.
Taxes on income, profits and capital gains in Singapore, year by year
| Year | % of revenue | Change |
|---|---|---|
| 1972 | 24.2% | — |
| 1973 | 27.5% | +13.8% |
| 1974 | 34.6% | +25.6% |
| 1975 | 36.9% | +6.7% |
| 1976 | 34.2% | -7.3% |
| 1977 | 33.9% | -0.9% |
| 1978 | 31.0% | -8.5% |
| 1979 | 29.0% | -6.6% |
| 1980 | 32.5% | +12.2% |
| 1981 | 35.0% | +7.8% |
| 1982 | 36.7% | +4.9% |
| 1983 | 32.6% | -11.3% |
| 1984 | 30.1% | -7.5% |
| 1985 | 27.0% | -10.6% |
| 1986 | 20.9% | -22.4% |
| 1987 | 19.1% | -8.6% |
| 1988 | 20.9% | +9.5% |
| 1989 | 24.3% | +16.3% |
| 1990 | 25.6% | +5.3% |
| 1991 | 27.0% | +5.3% |
| 1992 | 28.5% | +5.6% |
| 1993 | 26.0% | -8.8% |
| 1994 | 26.5% | +2.0% |
| 1995 | 25.6% | -3.5% |
| 1996 | 23.9% | -6.4% |
| 1997 | 23.8% | -0.5% |
| 1998 | 24.7% | +3.7% |
| 1999 | 25.0% | +1.2% |
| 2000 | 29.0% | +16.2% |
| 2001 | 31.6% | +8.8% |
| 2002 | 31.0% | -1.9% |
| 2003 | 29.6% | -4.4% |
| 2004 | 27.6% | -6.9% |
| 2005 | 30.2% | +9.5% |
| 2006 | 31.2% | +3.4% |
| 2007 | 28.5% | -8.8% |
| 2008 | 34.4% | +21.0% |
| 2009 | 35.7% | +3.6% |
| 2010 | 34.0% | -4.7% |
| 2011 | 34.4% | +1.1% |
| 2012 | 34.7% | +1.0% |
| 2013 | 33.1% | -4.6% |
| 2014 | 33.3% | +0.4% |
| 2015 | 32.7% | -1.8% |
| 2016 | 32.4% | -0.9% |
| 2017 | 33.5% | +3.4% |
| 2018 | 33.3% | -0.5% |
| 2019 | 30.3% | -9.1% |
| 2020 | 37.9% | +25.2% |
| 2021 | 36.9% | -2.6% |
| 2022 | 37.8% | +2.4% |
| 2023 | 40.0% | +5.7% |
| 2024 | 39.0% | -2.4% |
Singapore compared with similar countries
- Singapore's 39.0% is above the median for high income countries, which is 24.5%, 1.6× the median. (55 countries reporting)
- Singapore's 39.0% is above the median for East Asia & Pacific, which is 22.7%, 1.7× the median. (25 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 31.4% | 24.2% | 36.9% | 8 |
| 1980s | 27.9% | 19.1% | 36.7% | 10 |
| 1990s | 25.6% | 23.8% | 28.5% | 10 |
| 2000s | 30.9% | 27.6% | 35.7% | 10 |
| 2010s | 33.1% | 30.3% | 34.7% | 10 |
| 2020s | 38.3% | 36.9% | 40.0% | 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 income, profits and capital gains in Singapore?
- Taxes on income, profits and capital gains in Singapore was 39.0% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on income, profits and capital gains recorded in Singapore?
- The highest recorded value was 40.0% in 2023.
- What is the lowest taxes on income, profits and capital gains recorded in Singapore?
- The lowest recorded value was 19.1% in 1987.
- How does Singapore rank for taxes on income, profits and capital gains?
- Singapore ranks 18th out of 153 countries with data for 2024.
- Is taxes on income, profits and capital gains rising or falling in Singapore?
- Over the last ten years it is up 17.2%. 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 income, profits and capital gains (% of revenue). Statizoid updates them automatically from the source API.
Download this data
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About this data
Taxes on income, profits, and capital gains are taxes payable on the actual or presumed incomes, profits and capital gains. This indicator is expressed as a percentage of revenue which includes all transactions that add to the amount of economic value of a unit or sector.