Statistics on Singapore’s GDP Produced by Singaporeans and Companies Owned by Singaporeans

Mr Leong Mun Wai asked the Minister for Trade and Industry (a) whether the Ministry is able to provide statistics on Singapore’s Gross Domestic Product produced by Singaporeans and companies which are owned by Singaporeans for 2022; and (b) how much is the total taxable income attributable to these Singaporeans and companies which are owned by Singaporeans.

Mr Gan Kim Yong: The Department of Statistics does not compile statistics on gross domestic product produced by Singaporeans and Singaporean-owned companies.

Singaporeans accounted for around 62% of total assessable income under personal income tax, for the Year of Assessment 2023. Statistics on assessable income attributable to Singaporean-owned companies are not available as the Inland Revenue Authority of Singapore does not track corporate taxpayers by their ownership status.