Singapore Budget 2026 vs Budget 2025: Complete Revenue Comparison

Written by The Financial Coconut | Feb 13, 2026 7:30:42 AM

 

Operating Revenue Comparison Table

Revenue Category Estimated FY2025 Revised FY2025 Change FY25 (Est vs Rev) Estimated FY2026 Change FY26 vs Rev FY25 % of Total FY2026
Corporate Income Tax $32.67B $35.24B +$2.57B (+7.9%) $37.77B +$2.53B (+7.2%) 28.0%
Goods and Services Tax $21.73B $21.30B -$0.43B (-2.0%) $22.25B +$0.95B (+4.5%) 16.5%
Personal Income Tax $20.23B $20.64B +$0.41B (+2.0%) $21.80B +$1.16B (+5.6%) 16.2%
Vehicle Quota Premiums (COE) $6.60B $8.66B +$2.06B (+31.1%) $9.42B +$0.76B (+8.8%) 7.0%
Foreign Worker Levy $7.39B $7.14B -$0.25B (-3.4%) $7.46B +$0.32B (+4.5%) 5.5%
Asset Taxes $6.89B $6.99B +$0.10B (+1.5%) $7.32B +$0.33B (+4.7%) 5.4%
Stamp Duty $5.92B $6.80B +$0.88B (+14.9%) $6.92B +$0.12B (+1.8%) 5.1%
Fees and Charges (Ex. 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”

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