--- title: "Singapore Budget 2026 vs Budget 2025: Complete Revenue Comparison" description: Budget 2026 vs Budget 2025 revenue projections across all major categories (corporate tax, GST, COE, etc.) with percentage changes image: https://www.thefinancialcoconut.com/hubfs/Gemini_Generated_Image_v6zpinv6zpinv6zp.png --- [Skip to content](https://www.thefinancialcoconut.com/blog/singapore-budget-revenue-comparison#main-content) [![Full_COlour](https://www.thefinancialcoconut.com/hs-fs/hubfs/Full_COlour.png?width=456&height=80&name=Full_COlour.png)](https://www.thefinancialcoconut.com/) - [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/) - [Events](https://www.thefinancialcoconut.com/events) Show submenu for Events - [For Investors](https://tfcmysterymeetup.com/) - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/) - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series) - [TFC Events](https://www.thefinancialcoconut.com/events) - 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VQP)** | $5.08B | $5.48B | +$0.40B (+7.9%) | $3.90B | -$1.58B (-28.8%) | 2.9% | | **Customs, Excise & Carbon Taxes** | $4.04B | $3.98B | -$0.06B (-1.5%) | $4.16B | +$0.18B (+4.5%) | 3.1% | | **Betting Taxes** | $3.29B | $3.63B | +$0.34B (+10.3%) | $3.77B | +$0.14B (+3.9%) | 2.8% | | **Motor Vehicle Taxes** | $2.57B | $2.39B | -$0.18B (-7.0%) | $2.80B | +$0.41B (+17.2%) | 2.1% | | **Withholding Tax** | $2.40B | $2.49B | +$0.09B (+3.8%) | $2.63B | +$0.14B (+5.6%) | 2.0% | | **Other Taxes (LBC & ATT)** | $2.37B | $3.98B | +$1.61B (+67.9%) | $1.63B | -$2.35B (-59.0%) | 1.2% | | **Others** | $0.77B | $0.89B | +$0.12B (+15.6%) | $2.01B | +$1.12B (+125.8%) | 1.5% | | **Statutory Boards’ Contributions** | $0.41B | $0.84B | +$0.43B (+104.9%) | $0.51B | -$0.33B (-39.3%) | 0.4% | | **Water Conservation Tax** | $0.40B | $0.40B | $0.00B (0.0%) | $0.41B | +$0.01B (+2.5%) | 0.3% | | **TOTAL OPERATING REVENUE** | **$122.78B** | **$130.86B** | **+$8.08B (+6.6%)** | **$134.75B** | **+$3.89B (+3.0%)** | **100.0%** | --- ## **Key Insights** ### **Biggest Surprises in FY2025 (Estimated vs Revised)** 1. **Vehicle Quota Premiums**: +31.1% ($2.06B windfall) - The largest percentage increase, reflecting sustained high COE prices 2. **Corporate Income Tax**: +7.9% ($2.57B windfall) - Significantly above expectations due to stronger economic growth 3. **Other Taxes (LBC & ATT)**: +67.9% ($1.61B windfall) - Major one-off collections from land betterment charges 4. **Stamp Duty**: +14.9% ($0.88B windfall) - Property transaction activity exceeded forecasts ### **Biggest Projected Growth FY2026 vs Revised FY2025** 1. **Motor Vehicle Taxes**: +17.2% ($0.41B) - Driven by higher COE quota and cessation of EV incentive rebate from Jan 2027 2. **Vehicle Quota Premiums**: +8.8% ($0.76B) - Expected increase in COE quota from vehicle deregistrations 3. **Corporate Income Tax**: +7.2% ($2.53B) - Continued strong corporate profitability 4. **Personal Income Tax**: +5.6% ($1.16B) - Wage growth and employment gains ### **Revenue Sources Declining in FY2026** 1. **Fees and Charges**: -28.8% (-$1.58B) - Significant reduction, likely due to reclassification or policy changes 2. **Other Taxes**: -59.0% (-$2.35B) - Normalisation after FY2025’s exceptional land betterment charge collections 3. **Statutory Boards’ Contributions**: -39.3% (-$0.33B) - Return to normal levels after FY2025 spike ### **The Vehicle Revenue Story** Combined vehicle-related revenue (COE + Motor Vehicle Taxes): - **Estimated FY2025**: $9.17B - **Revised FY2025**: $11.05B (+20.5%) - **Estimated FY2026**: $12.22B (+10.6%) Vehicle-related charges have surged from an estimated $9.17B to a projected $12.22B—a 33.3% increase over initial FY2025 projections, representing nearly $3 billion in additional revenue extraction from car owners. ### **Tax Mix Evolution** The proportion of revenue from different sources shows a clear trend: **Top 3 Revenue Sources FY2026:** 1. Corporate Income Tax: 28.0% ($37.77B) 2. GST: 16.5% ($22.25B) 3. Personal Income Tax: 16.2% ($21.80B) Together, these three sources account for 60.7% of all operating revenue, with corporate taxes alone representing more than one-quarter of government income. **Source:** Ministry of Finance Singapore, “Analysis of Revenue and Expenditure Financial Year 2026” Let us know what you think about this [topic](https://www.thefinancialcoconut.com/blog/singapore-budget-2026), and what do you want to hear next. You can now be our community contributor and make a [pitch ](https://thefinancialcoconut.com/contact/)to have your favourite personality be on our show. Join our [community group](https://linkin.bio/thefinancialcoconut/?fbclid=PAZXh0bgNhZW0CMTEAAaY2-JSYItZawSUnNP4YhAicLp0H2wXwx8EBmQgbzOJrjA6YRiPWXtFDSH4_aem_t1DMRY5jrSAapreaSX9ntw) and drop us your insights on this topic. ### Stay ahead in your financial journey! 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