How GST works in Singapore
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 for companies works?
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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.
A company is obliged to register for GST if its revenue is at least $1 million in total value of taxable supplies per year in the course of business. The current standard GST rate is 8%.
The GST Act was based on the UK Value Added Tax Act 1983 with some additions from the New Zealand GST Act.
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Corporate Taxation
A corporation is generally liable for Singapore income tax on all income accruing in, or derived from Singapore, as well as foreign sourced income remitted or deemed remitted into the country.