In 2012-13, the Inland Revenue Department collected $242.1 billion. It represents a slight increase of $3.8 billion or 1.6% over the amount collected in the previous year. The increase mainly came from profits tax. Profits tax collections increased by 6% to $125.6 billion. Salaries tax collections, on the other hand, was reduced by 2% to $50.5 billion because of the tax relief measures introduced in the 2012-13 budget. Stamp duty collections also fell by 3% to $42.9 billion because the stock market had been less than active for most of the time during the year, although the property market was rather exuberant. An analysis of the revenue collected by tax type is provided in Figure 1.
|Type of tax||2009-10
|Profits tax –|
|Total earnings & profits tax||123,184.2||143,006.7||176,821.8||182,441.8|
|Business registration fees||578.7||35.7||1,292.9||122.9|
|Total revenue collected||179,097.7||209,019.4||238,325.4||242,146.8|
|% change over previous year||-6.5%||16.7%||14.0%||1.6%|
The revenue collected by the Department during 2012-13 accounted for 69.1% of the Government General Revenue (Figure 2). Profits tax contributed the largest part of the total revenue collected, followed by salaries tax. Together they made up 72.7% of the total revenue collected (Figure 3).
In 2012-13, the cost of collection of revenue rose from 0.51% to 0.54% (Figure 4).