The Singapore government saw the amount of tax collected from betting services – comprising Betting Duty, Casino Tax and Private Lotteries Duty – fall 0.9% to SG$2.7 billion in FY2018/19.
The figures were released by the Inland Revenue Authority of Singapore on Monday, with the decline in Betting Taxes belying increases in Income Tax, GST and Property Tax for the period.
Total revenue collected for the year across all segments reached SG$52.4 billion, representing 71.1% of the Singapore Government’s operating revenue and 10.6% of Singapore’s Gross Domestic Product.
The Authority announced a 7.9% increase in Income Tax collected for the year to SG$29.4 billion, with Corporate Income Tax up on better corporate earnings.
GST collected rose 1.6% to SG$11.1 billion while Property Tax collection increased 4.7% to SG$4.6 billion.
Stamp duty collection fell by 6.1% to SG$4.6 billion due to a lower number of private property transactions.
Singapore’s government will be banking on a windfall from the city’s two casinos – Marina Bay Sands and Resorts World Sentosa – over the coming year after raising the entry level on locals by 50%, from SG$100 to SG$150 per day and from SG$2,000 to SG$3,000 per year.
It was revealed earlier this year that Singapore’s casinos have raised around SG$1.3 billion (US$953 million) for the government from the mandatory entry levy imposed on local residents since it was first introduced in 2010.
