Singapore raises GST to 9% by 2025Category:

Singapore

Singapore raises GST to 9% by 2025

February 19th, 2018

In today’s Singapore 2018 budget, it was announced that Goods and Services Tax (GST) will increase from 7% to 9% between 2021 and 2025. GST has been at 7% since July 2007, when it was raised from 5%. The exact timings of the staged rises will be confirmed at a late date, and will depend …


Singapore

Singapore to raise GST to 8% April 2018

February 13th, 2018

In the 2018/19 annual budget, due 19 February 2018, Singapore may increase its Goods and Services Tax rate from 7% to 8%. In a recent pole of economists, nine out of ten expected a rise in the GST consumption tax rate due to an ageing population and rising social spending. A similar crisis lead Japan to hike …


India

India GST e-way bill launch deferred

February 12th, 2018

India has postponed its mandatory e-way bill implementation, and extended the trail process due to technical issues associated with the huge volume of submissions at the 1 February launch. E-way bills are online submissions required to provide details of any cross-state delivery of goods within India. There are 29 states in India. They are required to …


India

India GST flaws may force early reform

February 11th, 2018

The Indian Goods and Services Tax Council may in early March consider simplifying the new, complex Goods and Services Tax (GST) filing requirements in the face of IT difficulties. GST was introduced to India in July 2017, replacing a labyrinth of complex and overlapping indirect taxes. Its aim was to reduce compliance, tax fraud and …


Australia

Australia GST registrations for e-commerce July 2018

February 6th, 2018

Australia has stepped-up Goods and Services Tax registrations for non-resident companies selling goods to consumers. From 1 July 2018, Australia is withdrawing the AUS$ 1,000 low value imported goods GST and customs exemption.  This is to provide a level-playing field for tax purposes with local retailers who must charge the indirect tax. There is an …


India

India relaxes GST reporting

February 5th, 2018

India last month temporarily relaxed the reporting requirements under the new Goods and Services regime: ·  The monthly summary return in Form GSTR 3B is extended to March 2018 for all taxpayers. ·  Due dates for filing returns in Forms GSTR – 1, GSTR – 4 and GSTR – 5, GSTR – 5A and GSTR …


India

India GST E-way bill goes live

February 1st, 2018

India has imposed from 1 February 2018 the requirement for an approved e-way bill for all cross-state transport of goods.  There is a threshold of INR 50,000. The new electronic record of the details and values of goods being moved between any two of the 29 Indian states is aimed at reducing errors and potential GST …


India

India considers 18% GST on bitcoin

January 8th, 2018

India has started at the end of last year reviewing the tax and GST implications for cryptocurrencies such as bitcoin. This includes the Income Tax Department reviewing the activities of several bitcoin exchanges. A number of exchanges have since applied from the Authority for Advance Rulings body for clarification of the indirect liabilities of their …


India

India GST blockers lead to 14% tax drop

January 3rd, 2018

Following the introduction of Goods and Services Tax in India on 1 July 2017, the government is still delayed in being able to capitalise on the new audit features of the tax. Since the launch of the tax replacing VAT, Service Tax and many other consumption taxes, tax revenues have started to fall off. Monthly …


Malaysia

Malaysia 2018 GST changes

January 2nd, 2018

The Malaysian 2018 Budget introduced a number changes to the Goods and Services Tax regime. These include: Reclassifying the sale of newspapers, journals and books as nil-rated Exempting local government services from GST Exempting from GST management and maintenance services for certain housing development. The above changes came into effect on 1 January 2018.