Goods and Services Tax

Goods and Services Tax (GST) is the principal indirect tax in Singapore (akin to value-added tax in other countries).

  • GST rate
    GST rate
    8% from 1 January 2023
  • Filing and payment deadline
    Filing and payment deadline
    1 month after end of GST accounting period
  • Registration threshold
    Registration threshold
    SGD 1 million

GST rates

8% - 1 January 2023

9%- 1 January 2024

  • The export of goods, and international services, are zero rated
  • The sale and lease of residential properties, the import and supply of investment precious metals, the supply of digital payment tokens and certain prescribed financial services are exempted from tax

Filing and payment deadline

1 month after end of GST accounting period. Generally quarterly but can be monthly on election. Where a company is on a General Interbank Recurring Order (GIRO) plan (a direct debit plan) for GST payments, GIRO deductions are on the 15th day of the month after the payment due date.

Reverse charge

  • Business not entitled to full GST recovery must account for GST on imported services (i.e. by way of a reverse charge mechanism)

Non-resident registration

  • Overseas businesses which make taxable supplies of goods in Singapore may be liable for GST registration even if the business does not have a physical presence in Singapore
  • Overseas suppliers and e-marketplace operators making significant supplies of Business-to-Consumer services to local non-GST registered customers are liable to register for GST in Singapore if their global revenues exceeds SGD 1 million and the value of digital services to local customers exceeds SGD 100,000. From 1 January 2023, this rule will be expanded to include non-digital services, as long as they are “remote services” ie services supplied from abroad.
  • From 1 January 2023, overseas suppliers, e-marketplace operators, redeliverers making significant supplies of “low-value goods” (not exceeding SGD 400 in value) to local customers, will need to register for GST in Singapore.

Singapore’s excellent strategic location and globalised economy make it an attractive business hub for organisations looking to build their presence in Southeast Asia and Asia-Pacific.

If you are planning on doing business in Singapore, knowledge of the investment environment and information on legal, accounting and taxation framework are essential to keep you on the right track.

This guide will provide you with insights into the key aspects of investing and undertaking business in Singapore. It makes reference to some of the most common issues companies might face when expanding into the city-state.

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