Updated: 08/25/2014 21:13

More paying taxes on time: IRAS

More paying taxes on time: IRAS

The Inland Revenue Authority of Singapore, or IRAS, says more are paying taxes on time, driving down the tax arrears rate at a record low of 0.77 per cent. 

On-time tax filing improved to 95.6 per cent from 94 per cent for individuals, and 82.5 from 80.9 per cent for companies. 

More GST-registered business also filed their tax returns promptly, with a filing rate of almost 94 per cent. (93.9).

For the last financial year ended April 2014, IRAS collected $41.6 billion in tax revenue. 

It recovered 387 million in taxes and penalties from over 15,000 cases.

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