Insights

Is your business substantially involved with the import and export of goods? Are you unnecessarily paying import GST and having to wait to file your GST return before you claim input tax credit for the import GST paid to Singapore Customs?

GST reverse charge Jan 2020 – what businesses need to know

Indirect tax changes to cryptocurrency

With digital tax gaining momentum in many jurisdictions, it came as little surprise when the overseas vendor registration (OVR) regime was announced in Singapore’s 2018 budget.

Is your business ready for the GST changes that will be introduced in Singapore from 1 January 2020?

This international indirect tax guide provides an overview of tax systems in key countries and how you can get further support from Grant Thornton member firms.

Significant changes to Singapore’s Goods and Services Tax (‘‘GST’’) system were announced by Finance Minister Heng in the recent 2018 Budget.

While we may not have sight of what our future relationship with the EU will look like, Grant Thornton has developed Brexit Indirect Tax Impact Analysis, to help you to understand the possible Customs Duty and VAT costs posed to your business by various Brexit scenarios.

As of next year, beginning 1 January 2018 a non-established of services not solely subject to the place of recipient principle in Switzerland and Liechtenstein has to register for VAT, unless the non-established business can prove that its worldwide annual revenue from supplies is less than CHF 100,000. This revenue threshold was previously limited to the territory of Switzerland and Liechtenstein and is newly extended to worldwide scope.

Emerging markets are at the forefront of the global shift from direct to indirect taxation. Reduced corporate tax rates in many countries and new or enhanced value-added-tax (VAT) or goods-and-services-tax (GST) are causing the shift.

A flurry of sign-ups in the first half of 2016 took the number of countries agreeing to introduce the minimum BEPS standards1, including country-by-country (CbC) reporting, beyond 80.

The profitability of a business is directly impacted by how its supply chain is structured. As a business moves through its own life cycle the supply chain will also evolve, for example, as procurement, manufacturing and distribution strategies change.

Indirect taxation is becoming ever more complicated, varied between jurisdictions and prone to government tinkering. With some of the biggest tax reforms occurring within indirect tax, getting on top of the complexity and change is vital.

Risk and reputation is a hot topic – with the public, the press and in politics. Accordingly, it is important that businesses understand that risk management needs to be everyone’s responsibility. One significant area of risk is tax. Our article discusses the main sources of tax risk and how these can be effectively managed to ensure your businesses’ reputation is not damaged.

tax, beps, singapore, grant thornton

As global attitudes towards tax change, tech companies need to future-proof their tax practices to stand up to enhanced scrutiny. The way in which companies markets and sells its services can also have tax implications. Therefore, one thing is clear – tax matters, and ambitious tech companies need to develop a tax strategy that can keep pace with their growth aspirations.