International Business & Economy GST to be imposed on overseas vendors

GST to be imposed on overseas vendors

Author

Date

Category

- Advertisement -

Singapore’s GST will be imposed on foreign vendors in a new formula that imposes GST on imported services.

However, the new goods and services tax formula on imported services will take effect in 2020.

It was announced in the Budget 2018 by the Minister for Finance of Singapore, Mr Heng Swee Keat last week.

“The Budget 2018, in summary, was all about increasing government revenue via higher taxes in order to pay for rising spending needs.

- Advertisement -

“On a brighter side, the budget reflects the Singaporean government’s efforts to address inequality in Singapore.

“As well as to improve quality of life,” said Lawrence Chai Managing Director of 3E Accounting.

the taxation of B2C imported services will take effect via an Overseas Vendor Registration (OVR) model.

Who will have to register to IRAS for GST?

They are overseas suppliers and electronic marketplace operators, which make significant supplies of digital services to local consumers.Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Upper Serangoon condo residents losing sleep over 4 fridge-related fires in 2 months 

Singapore—There have been seven fridge-related fires at Riversails Condominium in the past three years, causing much alarm to its residents. Four of the incidents occurred just in the last two months -- the latest in a sixth-floor unit where a fridge caught...

Post goes viral of man who wants to extend hospital stay as nobody cares for him at home

Singapore — A netizen has urged readers on Facebook to take care of their parents while they are still alive, after overhearing an elderly man in a hospital ask to stay longer since, he said, no one took care of him...

Praise for student who eats lunch discreetly out of respect for Muslim friends fasting

Singapore - A student has garnered praise for his sensitivity towards his Muslim friends fasting for Ramadan by eating his lunch discreetly. Syafiq Izwan Kassim, a teacher in Malaysia, took to Facebook on Wednesday (Apr 14) to share an experience with one...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent