International Business & Economy GST to be imposed on overseas vendors

GST to be imposed on overseas vendors

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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.

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“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.

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