Goods and Services Tax (GST)
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 7%.
The GST Act was based on the UK Value Added Tax Act 1983 with some additions from the New Zealand GST Act.
Want to know more?
Other Indirect Taxes
Other indirect taxes are not significant except for excise duties mainly on tobacco and liquor, betting duties and various duties related to vehicle ownership.
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.