Explore Themes

The presentation of the annual Government Budget is based on the financial year (FY) of the Government, which runs from 1 April of the year to 31 March of the following year.

Under Singapore’s Constitution, a distinction is made between the reserves accumulated by the Government during its current term of office, and Past Reserves, which refer to the reserves not accumulated by the Government during its current term of office. The Government is expected to balance the budget within its term and can only draw on Past Reserves with the approval of the President. This Constitutional framework protects Past Reserves by enforcing fiscal prudence, while allowing the Government to draw on them in times of need.

The Overall Fiscal Position that is published by the Ministry of Finance and presented to the Parliament is based on the Operating Revenue and Net Investment Returns Contribution (NIRC) that the Government of the day can spend under the Constitution, offset against Total Expenditure and Special Transfers including Top-ups to Endowment and Trust Funds after accounting for the fiscal impact of the Significant Infrastructure Government Loan Act (SINGA). Not all Government revenues and receipts collected constitute revenue available for spending. Cash receipts that are not considered revenue available for direct Government spendings, such as cash receipts from land sales, accrue to Past Reserves.

Singapore separately publishes a set of Government finance data that follows the International Monetary Fund’s presentation format for Government finance statistics. This set of data includes all receipts, including items not available for spending by the Government of the day under Singapore’s Constitution.

Data

Please click on the topic to view the available data tables.

View latest data:

Key Indicators
Item Unit Latest Period Latest Data % Change
(Y-o-Y)  1/
Previous
Period Data
% Change
(Y-o-Y)  2/
Government Finance            
Cash surplus/deficit 3/ S$m Feb-25 6,606.7 86.5 -919.2 44.7
Net cash inflow from operating activities S$m Feb-25 4,246.3 354.1 -1,732.1 310.3
Cash receipts from operating activities S$m Feb-25 13,398.2 4.9 7,256.7 3.6
Cash payments for operating activities S$m Feb-25 9,151.9 -22.7 8,988.8 21.0
Net cash outflow from investments in nonfinancial assets S$m Feb-25 -2,360.4 -9.4 -812.9 -481.6
Purchases of nonfinancial assets S$m Feb-25 471.8 5.1 728.8 -2.4
Sales of nonfinancial assets S$m Feb-25 2,832.2 -7.3 1,541.7 189.0
Net cash inflow from financing activities 4/ S$m Feb-25 5,106.1 -37.8 16,270.2 54.4
Net incurrence of liabilities S$m Feb-25 5,300.9 -35.0 16,268.2 52.9
Domestic S$m Feb-25 5,300.9 -35.0 16,268.2 52.9
Foreign S$m Feb-25 0.0 0.0 0.0 0.0
Net acquisition of financial assets other than cash S$m Feb-25 194.8 -488.0 -2.0 -101.9
Domestic excluding cash S$m Feb-25 194.8 -488.0 -2.0 -101.9
Foreign excluding cash S$m Feb-25 0.0 0.0 0.0 0.0
             
Item Unit Latest Period Latest Data % Change
(Y-o-Y)  1/
Previous
Period Data
% Change
(Y-o-Y)  2/
Government Debt            
Central Government Debt S$m 4Q 2024 1,265,765.5 10.0 1,235,075.7 10.2
External Debt 5/ S$m 4Q 2024 0.0 na 0.0 na
Domestic Debt 6/ S$m 4Q 2024 1,265,765.5 10.0 1,235,075.7 10.2
Issued for Non-Spending Purposes S$m 4Q 2024 1,250,565.5 9.8 1,221,375.8 9.9
Issued for Spending Purposes S$m 4Q 2024 15,200 35.7 13,700.0 41.2
Domestic Debt (Excluding Advance Deposits) S$m 4Q 2024 1,243,505.4 9.8 1,223,191.3 10.1
1 year maturity or less S$m 4Q 2024
165,159.4 22.9 153,605.1 18.9
More than 1 year maturity S$m 4Q 2024 1,078,346.0 8.0 1,069,586.2 8.9
             
Item Unit Latest Period Latest Data % Change
(Y-o-Y)  1/
Previous
Period Data
% Change
(Y-o-Y)  2/
Overall Fiscal Position 7/            
Operating Revenue 8/ S$m FY 2025 122,778.3 5.3 116,621.8 12.7
Total Expenditure S$m FY 2025 123,791.1 9.6 112,912.4 7.2
Operating Expenditure 9/ S$m FY 2025 97,031.0 8.3 89,553.7 6.8
Development Expenditure 10/ S$m FY 2025 26,760.2 14.6 23,358.7 8.7
Primary Surplus/Deficit S$m FY 2025 -1,012.9 na 3,709.4 na
Special Transfers 11/ S$m FY 2025 23,378.5 -6.9 25,117.1 -7.2
Special Transfers Excluding Top-ups to Endowment and Trust Funds  S$m FY 2025 3,778.5 23.2 3,067.1 11.5
Basic Surplus/Deficit 12/ S$m FY 2025 -4,791.4 na 642.3 na
Top-ups to Endowment and Trust Funds S$m FY 2025 19,600.0 -11.1 22,050.0 -9.3
Net Investment Returns Contribution 13/ S$m FY 2025 27,135.6 12.9 24,024.7 4.6
Overall Budget Surplus/Deficit S$m FY 2025 2,744.3 na 2,617.0 na
Capitalisation of Nationally Significant Infrastructure S$m FY 2025 4,630.1 11.0 4,171.9 14.4
Depreciation of Nationally Significant Infrastructure S$m FY 2025 - - - -
SINGA Interest Costs and Loan Expenses 14/ S$m FY 2025 560.7 49.3 375.6 66.5
Overall Fiscal Position S$m FY 2025 6,813.7 na 6,413.2 na

Government Revenue and Expenditure

Title : Government Operating Revenue, Annual

Million Dollars

Data Items

2018
2019
2020
2021
2022
2023
2024
2025

Total Government Operating Revenue * Operating revenue refers to receipts credited to the Consolidated Revenue Account and Development Fund Account, but excludes interest income, investment income and capital receipts.

73,738.3
74,273.8
67,376.5
82,486.5
91,015
103,441.6
116,621.8
122,778.3

Tax Revenue

66,202.6
67,645.1
61,408.5
74,760.9
82,707.6
94,328.6
104,749.7
110,329.1

Income Tax

30,818.1
32,535.1
32,997
37,132.4
42,154.4
49,434.5
52,770.6
55,708.6

Assets Taxes

4,649.1
4,761.7
3,127.8
4,672.2
5,095.3
5,937.5
6,700
6,894.3

Customs, Excise And Carbon Taxes

3,075
3,263.5
3,581.8
3,749.7
3,460.1
3,301.2
3,453.5
4,044.9

Goods And Services Tax

11,137.1
11,163.7
10,345.7
12,627.7
14,093.4
16,648.1
20,609.1
21,732.6

Motor Vehicle Taxes * Taxes on Motor Vehicles comprises additional registration fees, road tax, special tax on heavy-oil engines, passenger vehicle seating fees and non-motor vehicle licences, but exclude excise duties on motor vehicles which are classified under Customs, Excise and Carbon Taxes.

2,623.4
2,418.9
2,133.1
2,225.7
2,163.3
2,107.9
2,513.7
2,567.2

Betting Taxes * Betting Taxes include casino tax collected under Section 146 of the Casino Control Act with effect from March 2010.

2,663.9
2,619.9
1,721.7
2,313.3
2,766.1
3,174
3,226.4
3,291.1

Stamp Duty

4,606.9
4,199
3,895.7
6,762.3
5,950.2
5,806.3
6,357.4
5,921

Other Taxes * Other Taxes comprise the Foreign Worker Levy, Water Conservation Tax, Land Betterment Charge, and Annual Tonnage Tax.

6,628.9
6,683.2
3,605.6
5,277.7
7,024.9
7,919.1
9,119.2
10,169.3

Fees And Charges

7,106.1
6,274.8
5,478.6
6,828.1
7,709.7
8,547.7
11,122.2
11,680.4

Others * Excludes repayment of loans and advances, interest income, investment income, capital receipts and SINGA-related outlays.

429.6
353.9
489.4
897.5
597.7
565.3
749.8
768.7
SOURCE : ACCOUNTANT-GENERAL'S DEPARTMENT

Public Sector - Ministers

Public Sector - Members of Parliament

Definitions

Visit Glossary Page

Other References

Public Finance
Ministry of Finance View
Singapore’s Budget View
Inland Revenue Authority of Singapore View
Singapore Customs View