Docstoc

Rikvin Discusses How Does GST Work

Document Sample
Rikvin Discusses How Does GST Work Powered By Docstoc
					Rikvin Discusses How Does GST Work

Rikvin, a leading Singapore based business registration firm assists foreign
businessmen in Singapore GST Service GST registration. GST is a tax charged on the
supply of goods and services made in Singapore and on the importation of goods
into Singapore. The current rate for GST is 7%.

“The concept of Goods and Services Tax (GST) is patterned from Valued Added Tax
(VAT) in other countries and is a new form of tax in Singapore. GST was implemented
on 1st April 1994 in Singapore. The standard of GST Act is also patterned from the
UK VAT legislation and New Zealand GST legislation. The Inland Revenue Authority of
Singapore (IRAS) is a government agency that administers, assesses, collects and
enforces payment of GST,” Rikvin said.

Rikvin also pointed out the objective of GST that is to lower personal and corporate
income tax rates while maintaining a fairly reasonable revenue base for the
government.

A brief overview on GST – definition, registration requirements, GST returns and GST
schemes were discussed on the presentation.

First, it was discussed who can register to GST. These are Sole proprietorships,
Partnerships, Limited Liability partnerships, Companies, Clubs, associations,
management corporations or organizations, Non-profit organizations, Statutory
boards and Government bodies.

Then, it was also discussed the reasons why there is a need to register for GST
including the privilege to claim back the GST incurred on their business purchases,
privilege to claim GST refund when GST paid exceeds GST collected and privilege to
claim GST incurred on business purchases when GST rate increase.

Lastly, Rikvin presented each of the GST schemes including GST assistance scheme,
Major Exporter scheme (MES), Licensed Warehouse scheme and Zero GST
Warehouse scheme (ZGS).

About the Publisher:


Rikvin is a Singapore-based consultancy that offers business solutions for both
local and foreign professionals, investors and entrepreneurs. Rikvin’s areas of
expertise include assistance to form a Singapore company, offshore company
setup, Marshall island incorporation, Singapore work visa, and other related
corporate services. Rikvin also provides immigration services for foreign
professionals wishing to relocate to Singapore.

Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines: (65) 6438 8887
Fax (65) 6438 2436
http://www.rikvin.com

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:4
posted:2/28/2012
language:
pages:2