On 4 September 2026, the Inland Revenue Authority of Singapore (IRAS) released its Annual Report for Fiscal Year 2025/26, covering the period from 1 April 2025 to 31 March 2026. The report provides a comprehensive overview of tax administration performance, revenue collection trends, compliance initiatives, and digital transformation progress. It highlights key achievements including the implementation of the Pillar Two top-up tax, enhancements to the Enterprise Innovation Scheme, and the launch of new digital services for taxpayers. The report also outlines IRAS’s strategic focus on fostering voluntary compliance, strengthening international tax cooperation, and supporting businesses through uncertain economic conditions.
Key Takeaways
- Revenue Collection and Compliance: Total tax revenue collected reached a record high, driven by strong corporate income tax and GST collections. The report details compliance measures including enhanced data analytics and risk-based audits.
- Digital Transformation: IRAS expanded its digital services portfolio, including the Auto-Inclusion Scheme expansion, e-Submission enhancements, and the rollout of the new GST Assisted Compliance Assurance Programme (ACAP) renewal framework.
- International Tax Developments: Singapore implemented the OECD Pillar Two Global Anti-Base Erosion (GloBE) rules via the Pillar Two Top-up Tax, effective for fiscal years starting on or after 1 January 2025. The report also notes the conclusion of several Double Taxation Agreements (DTAs) and Exchange of Information (EOI) arrangements.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement