Iras' record tax revenue - $41.4 billion

SINGAPORE - Singapore collected its highest taxes in a decade with $41.4 billion in tax revenue for the last financial year, said the Inland Revenue Authority of Singapore.

The figure is more than three times the nett worth of property tycoons Robert and Philip Ng, whose family owns Far East Organisation. They topped Forbes list of Singapore's richest in 2013 with a nett worth of US$10.1b (S$13b) as of March.

Dr Tan Kim Siew, Commissioner of Inland Revenue, said: "Our ongoing efforts to promote a high level of voluntary compliance have resulted in more individuals and businesses filing their tax returns and paying taxes on time. On-time filing rates have improved across all tax types, while tax arrears declined to a record low of 0.79 per cent, among the lowest in the world."

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