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.
With effect from 21 February 2014, the excise duties of tobacco were increased by 10% to $0.388 for every gram or part thereof of each stick of cigarette or $388 per kilogram.
Different liquor products are subject to different amount of excise duties. With effect from 21 February 2014, the excise duties for liquor products have been increased by 25%.
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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 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.