Retailers - Beware to comply with Singapore's GST price display requirements
The Mazars’ team has noticed that many retailers in Singapore have yet to comply with IRAS price display requirements, effective 1 April 2015. The changes were made to ensure that consumers would know, upfront, the final price they need to pay for a good or service.
If you are registered for GST in Singapore, you must show GST-inclusive prices on all price displays e.g. price tags, price lists, advertisements, publicity brochures, website, etc. If you would like to show both GST-inclusive and GST-exclusive prices, this is still possible, but - the GST-inclusive price must be at least as prominent as the GST-exclusive price.
If you have yet to comply, please take urgent remedial action. Failure to comply could result in a fine of up to $5,000. Should you require clarification or advisory please let us know.
For more details on this and other recent Singapore GST changes, please follow this link to the Inland Revenue Authority of Singapore’s biannual GST bulletin.
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