Singapore

Singapore digital GST changes

July 11th, 2018

Singapore is to consider a range of changes to its Goods and Services Tax regime. These include a consultation on the following: Imposition of GST on B2B imported services from 2020, with the customer recording the transaction via the reverse charge. For unregistered businesses, this could trigger the obligation to GST register if the level …


Singapore

Singapore GST on foreign e-services Jan 2020

June 13th, 2018

Singapore has updated its plans to levy its 7% Goods & Services Tax on B2B digital services provided by non-residents to consumers from 1 January 2020. This includes providers such as Airbnb, Amazon Prime, Netflix, Apple Music and other streaming media, gaming and app providers The city-state has confirmed that B2B transactions from foreign companies will …


Singapore

Singapore GST on digital services 2020

February 25th, 2018

Singapore confirmed in today’s 2018 budget that it will subject supplies of B2C digital services from non-resident suppliers to 7% GST. The new charge will apply to downloads of apps, software, games, music, videos and streaming versions of the same.  There will be an annual GST registration threshold of S$100,000. It is anticipated that only …


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 …


Singapore

Singapore 7% GST e-services review

July 19th, 2017

Singapore is reviewing introducing the obligation for non-resident providers of goods and electronic services consumers to charge 7% Goods and Services Tax (GST). GST is now the country’s second major tax, and there has been an increasing reliance on indirect taxes.  In line with this, the government is eager to ensure the burgeoning e-commerce market …


Singapore

Singapore considers GST fraud domestic reverse charge

May 21st, 2017

Singapore is looking at introducing the domestic reverse charge on products susceptible to missing transfer GST fraud.  Initially, the mechanism will apply to mobile phones, memory cards and off-the-shelf software. Missing trader fraud schemes involve criminals claiming they have exported goods, which are therefore GST exempt.  However, in reality, the goods are sold in Singapore …


Singapore

Singapore e-commerce GST extension

February 23rd, 2017

The Singaporean government has announced that it is considering the extension of the Goods and Services Tax net on goods and electronic services being provided to consumers by non-resident providers. Currently, non-resident e-service providers are exempt from charging 7% GST to Singaporean consumers.  Singapore is now going to consider including the charging of GST by foreign providers …


Singapore

Singapore import GST update

June 21st, 2015

The Singaporean Revenue Authority has provided new guidance to help determine the Singapore Goods & Sales Tax (GST) liabilities for the import of goods and supply to local customers. As with most countries, the importer of record is liable to pay import GST, and any duties, when clearing the goods into Singapore. If the importer …


Singapore

Singapore GST changes

September 7th, 2014

A range of tax deductions and reclaims have been proposed to the Singapore Goods & Services Tax regime. These include: A relaxation on the deductibility of GST on real estate and goods incurred by unincorporated GST registered persons. This includes entrepreneurs and partnerships. Allowance for the nil-rating of GST on the provision of installation or …