Key Insight

This report analyzes corporate tax data from 2003 to 2022 in Singapore, revealing a significant increase in both the number of taxable companies and total tax revenue over time. While the number of non-taxable companies also increased, their total income remained consistently negative, indicating a prevalence of companies experiencing losses or operating at a loss within that group. The data suggests a robust and growing corporate sector contributing significantly to government revenue. However, the consistent negative total income for the non-taxable group warrants further investigation into the factors contributing to this trend.

Small Interesting Points of Note

The year 2007 marks a significant shift where detailed income and tax figures become available for both taxable and non-taxable groups. Before 2007, many income and tax fields are marked as 'na', limiting the completeness of the analysis for those years. Donations remained relatively low compared to total income in both groups consistently, indicating a lower involvement of companies in philanthropic activities relative to their profits or losses.

Methodology

• Data Source: The provided JSON data from the data.gov.sg API was used.
• Data Cleaning: 'na' values were excluded from the numerical analysis. This simplification limits the ability to create a holistic picture of companies in each group.
• Trend Analysis: Overall trends in the number of assessed companies, total income, and tax revenue were observed across the years. Simple visual analysis and descriptive statistics (such as minimum, maximum, and average values) were used to uncover these trends.
• Categorical Analysis: Differences between the taxable and non-taxable groups were examined.
• Note: Data for the years 2003-2006 is limited due to the prevalence of 'na' values in several fields, which may bias results.

Footnotes

¹No further processing was required for this dataset other than handling missing values.