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	162,088.1		167,087.9		162,198.6
Unincorporated Businesses	5,247.5	167,335.6	7,124.6	174,212.5	8,299.1	170,497.7
Salaries Tax		75,570.2		79,490.4		79,869.8
Property Tax		3,984.5		3,842.2		3,906.4
Personal Assessment		6,457.3		6,719.8		7,321.9
Total Earnings and Profits Tax	253,347.6		264,264.9		261,595.8
Estate Duty	1.9		8.8		10.2
Stamp Duty	99,677.3		69,976.5		49,111.7
Betting Duty	25,432.2		25,823.9		28,467.0
Business Registration Fees	57.3		128.9		2,816.1
	125,168.7		95,938.1		80,405.0
Total revenue collected	378,516.3		360,203.0		342,000.8
% change over previous year	+14.4%		-4.8%		-5.1%