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.
Singapore currently has a 8% GST, imposed on goods and services supplied in Singapore as well as on importation of goods. A business is required to register for GST if its annual taxable supplies is SGD1 million or more. A GST-registered business is required to file GST returns on a quarterly basis.
Since 1 Jan 2020, GST is payable on electronic or digital services provided by GST-registered overseas service providers.
From 1 Jan 2023, GST will apply to all remote services (i.e. digital services and non-digital services) purchased by consumers in Singapore from GST-registered overseas service providers.
From 1 Jan 2023, GST will also be extended on goods valued at S$400 or below which are imported into Singapore via air or post and purchased from GST-registered suppliers.
Click here to download the Doing Business in Singapore 2023 guide
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