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Sunat said it managed to raise S$11,255 million in tax revenue for the central government in July, less than in previous months.
As they clarified last month collection of taxes it only exceeded the income received in June by 0.1%.
The amount collected was negatively impacted by the application of measures dictated by the government to mitigate price increases, such as the elimination of selective consumption tax (ISC) on certain fuels and exemption from the general sales tax (VAT) to five staple foods.
ISC revenues alone fell 30.2% to around S$549 million, while VAT did rise 4.3%.
Factors that contributed to the increase in the level tax revenues non-negative were the largest payments on income tax of the third category (22.4%), in which the mining and hydrocarbon sectors stand out.
They also point to higher July imports up 23.4% this month.
Although the exchange rate has declined from what was recorded last year, Sunat He argues that the level of imports has made it possible to achieve a positive result in the collection of customs duties and, in particular, the VAT paid on imports.
How many have already been collected this year?
Sunat added that collection of taxes received so far this year, that is, between January and July, it rose by 16.3%.
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.