The 3,758 companies in our Financial sector collectively earned $17.5 billion dollars in tax-assessable income last year, trumping the second-placed Wholesale & Retail Trade sector ($15.1b) which has more than three times the number of companies.
In third place is the Manufacturing sector with $10.8b. There are 2,995 companies in this sector.
Of course, the Financial sector also paid the most income taxes – $2.8 billion in net tax assessed.
This sector alone pays more tax than half of all individual taxpayers. (See how much tax the high earning individuals paid.)
The Wholesale & Retail Trade sector incurred a $2.5b tax bill, and for the Manufacturing sector it is $1.6b.
If you take the average, the Financial sector is still first-placed, with each financial company earning an income of $4.7 million (and paying $754k tax). But in second place is Manufacturing with $3.6m income ($528k tax).
It will be nice to calculate the average income per employee for each sector, but unfortunately I don’t have the necessary data.
How much did your company earn last year?
Reference: IRAS annual report.