Taxes on goods and services in Singapore
Singapore: Taxes on goods and services was 29.12 billion current LCU in 2024. ◆ Volatile
Taxes on goods and services in Singapore, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
In 2024, taxes on goods and services in Singapore stood at 29.12 billion current LCU. That is the highest value across all 53 years on record.
The figure is up 15.4% on the previous year and up 71.8% over ten years.
Over the whole period, taxes on goods and services in Singapore peaked at 29.12 billion current LCU in 2024 and was at its lowest, 309.00 million current LCU, in 1972.
That places Singapore 101st out of 157 countries with data for 2024, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 516.62 million current LCU | 309.00 million current LCU | 823.00 million current LCU | 8 |
| 1980s | 1.70 billion current LCU | 1.00 billion current LCU | 3.08 billion current LCU | 10 |
| 1990s | 5.18 billion current LCU | 2.86 billion current LCU | 6.70 billion current LCU | 10 |
| 2000s | 9.36 billion current LCU | 6.50 billion current LCU | 12.62 billion current LCU | 10 |
| 2010s | 17.17 billion current LCU | 14.38 billion current LCU | 19.50 billion current LCU | 10 |
| 2020s | 23.11 billion current LCU | 17.78 billion current LCU | 29.12 billion current LCU | 5 |
Countries ranked near Singapore
More public sector data for Singapore
- Arms imports 348.00 million SIPRI trend indicator values (2024)
- Tax revenue 13.6% (2024)
- Taxes on income, profits and capital gains 39.0% (2024)
- Taxes on goods and services 21.5% (2024)
- Net investment in nonfinancial assets -1.0% (2024)
- Net lending (+) / net borrowing (-) 3.4% (2024)
- Interest payments 0.5% (2024)
- Grants and other revenue 23.5% (2024)
- Interest payments 0.4% (2023)
- Other taxes 16.0% (2024)
Frequently asked questions
- What is taxes on goods and services in Singapore?
- Taxes on goods and services in Singapore was 29.12 billion current LCU in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest taxes on goods and services recorded in Singapore?
- The highest recorded value was 29.12 billion current LCU in 2024.
- What is the lowest taxes on goods and services recorded in Singapore?
- The lowest recorded value was 309.00 million current LCU in 1972.
- How does Singapore rank for taxes on goods and services?
- Singapore ranks 101st out of 157 countries with data for 2024.
- Is taxes on goods and services rising or falling in Singapore?
- Over the last ten years it is up 71.8%. The long-run trend across the full record is volatile.
- Where does this Singapore data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Taxes on goods and services (current LCU). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 53 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.