How GST for companies works?
GST is a tax on domestic consumption. It is a form of value-added tax, which applies to goods and services supplied in Singapore by businesses in Singapore, and to goods and services imported into Singapore.
How GST works in Singapore
Singapore currently has a 8% GST, imposed on goods and services supplied in Singapore as well as on importation of goods. A business is required to register for GST if its annual taxable supplies is SGD1 million or more. A GST-registered business is required to file GST returns on a quarterly basis.
Since 1 Jan 2020, GST is payable on electronic or digital services provided by GST-registered overseas service providers.
From 1 Jan 2023, GST will apply to all remote services (i.e. digital services and non-digital services) purchased by consumers in Singapore from GST-registered overseas service providers.
From 1 Jan 2023, GST will also be extended on goods valued at S$400 or below which are imported into Singapore via air or post and purchased from GST-registered suppliers.
Click here to download the Doing Business in Singapore 2023 guide
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