Singapore's tax revenue for financial year 2023 rose 13.1 per cent to S$68.6 billion compared to the year before. This reflects the economic recovery following the end of the Covid-19 pandemic, the Inland Revenue Authority of Singapore (Iras) said on Wednesday (Sep 6). Tax revenue collection rose across most tax types, the authority added. Corporate income tax (CIT), at S$4.9 billion, accounted for 62 per cent of the S$7.9 billion increase in tax collection, on the back of buoyant corporate earnings. CIT continued to make up the largest share of Iras' revenue collection, at 33.7 per cent, or S$23.1 billion.