Singapore's Share of GST out of Total Tax Revenue Since 1994 Compared to Share of Consumption Taxes in Total Tax Revenue in OECD Countries
05 Jul 2021Parliamentary Question by Prof Hoon Hian Teck:
To ask the Minister for Finance (a) from its introduction in 1994 to the most recent year, what has been Singapore’s share of the Goods and Services Tax (GST) out of total tax revenue; and (b) how does this compare to the share of consumption taxes in total tax revenue in OECD countries.
Parliamentary Reply by Minister for Finance, Mr Lawrence Wong:
In Singapore, the share of Goods and Services Tax (GST) out of total tax revenue[1] was 8.0% in Financial Year (FY) 1994 and an estimated 16.2% in FY2021[2].
In OECD countries[3], the average share of Value-Added Tax (VAT) or sales tax out of their total tax revenue[4] is about 21.5% in FY2019. This does not include general consumption or sales taxes imposed at local government levels.
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[1]Singapore’s total tax revenue consists of Income Taxes, Asset Taxes, Customs & Excise Duties, Goods and Services Tax, Motor Vehicle Taxes, Betting Taxes, Stamp Duty, and Other Taxes.
[2]Source: MOF Budget data.
[3]Source: OECD.Stat (data as of 28 Jun 2021). Level of government set as "Federal or Central government" for comparability. Data for FY2019 are estimates/provisional.
[4]Refers to OECD's definition of General taxes on goods and services (Category 5110) expressed as a % of Total Tax Revenue. This does not include taxes on specific goods and services (Category 5120) such as customs and import duties or excises.
To ask the Minister for Finance (a) from its introduction in 1994 to the most recent year, what has been Singapore’s share of the Goods and Services Tax (GST) out of total tax revenue; and (b) how does this compare to the share of consumption taxes in total tax revenue in OECD countries.
Parliamentary Reply by Minister for Finance, Mr Lawrence Wong:
In Singapore, the share of Goods and Services Tax (GST) out of total tax revenue[1] was 8.0% in Financial Year (FY) 1994 and an estimated 16.2% in FY2021[2].
In OECD countries[3], the average share of Value-Added Tax (VAT) or sales tax out of their total tax revenue[4] is about 21.5% in FY2019. This does not include general consumption or sales taxes imposed at local government levels.
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[1]Singapore’s total tax revenue consists of Income Taxes, Asset Taxes, Customs & Excise Duties, Goods and Services Tax, Motor Vehicle Taxes, Betting Taxes, Stamp Duty, and Other Taxes.
[2]Source: MOF Budget data.
[3]Source: OECD.Stat (data as of 28 Jun 2021). Level of government set as "Federal or Central government" for comparability. Data for FY2019 are estimates/provisional.
[4]Refers to OECD's definition of General taxes on goods and services (Category 5110) expressed as a % of Total Tax Revenue. This does not include taxes on specific goods and services (Category 5120) such as customs and import duties or excises.