IRD Collections

The Department’s revenue collection for 2023-24 was $342 billion, a decrease of $18.2 billion or 5.1% as compared with the previous year. Of the total revenue collected, Profits Tax and Stamp Duty together contributed 64.2%. The revenue collected by tax type for the latest three years is shown below:

This table basically consists of 4 columns. The first column is Type of tax. The second column is 2021-2022($m). The third column is 2022-2023($m). The fourth column is 2023-2024($m).

Type of tax

2021-22
($m)

2022-23
($m)

2023-24
($m)

Profits Tax

Corporations

Unincorporated Businesses

Salaries Tax

Property Tax

Personal Assessment

162,088.1

5,247.5

167,335.6

75,570.2

3,984.5

6,457.3

167,087.9

7,124.6

174,212.5

79,490.4

3,842.2

6,719.8

162,198.6

8,299.1

170,497.7

79,869.8

3,906.4

7,321.9

Total Earnings and Profits Tax

253,347.6

264,264.9

261,595.8

Estate Duty

Stamp Duty

Betting Duty

Business Registration Fees

1.9

99,677.3

25,432.2

57.3

8.8

69,976.5

25,823.9

128.9

10.2

49,111.7

28,467.0

2,816.1

125,168.7

95,938.1

80,405.0

Total revenue collected

% change over previous year

378,516.3

+14.4%

360,203.0

-4.8%

342,000.8

-5.1%