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Goods and Service Tax Singapore.pdf

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Goods and Service Tax (GST) Singapore

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									Goods and Service Tax (GST) Singapore




GST in Singapore stands at a flat rate of 7%. It is perhaps the most competitive tax rate when compared
to other established countries. Not only is the GST Singapore tax rate low, but also many schemes are
made available to the businesses, in which they can avail certain filing exemptions and credits.

GST Singapore tax is a consumption tax levied on the import of goods, as well as nearly all supplies of
goods and services in Singapore. Only the sale and lease of residential property is exempted from it. In
many countries, GST is known as VAT (Value Added Tax).

The main advantage of GST registration Singapore is that, it helps businesses reduce their cost of running
a business. It is because the end-user i.e. the consumer of the product is the ultimate taxpayer. Secondly,
it helps the businesses to develop a positive image in the eyes of the consumer. This happens because;
the consumer views a GST registered business as an established entity.

There are two ways, in which a business entity can register themselves for goods and services tax
Singapore. First is compulsory registration, in which all the companies that have a business turnover
exceeding S$1 million in the last 12 months have to mandatorily participate. Second is voluntary
registration in which the companies that have their business turnover of less than S$ 1 million can
participate.

To make life easier for the companies, the regulatory authority of Singapore related to GST filing, has
introduced various schemes. These schemes are initiated with the aim of easing the cash flow of mainly
exporters, SMEs, third party logistics and tourists. Special GST refund or avoidance of GST can be availed
on the Changi International Airport for tourists, on hand-carried goods out of Singapore.

GST Tax Refund / avoidance schemes coupled with lowest possible tax rate, makes the city-state of
Singapore an ideal hub for starting a business. Expatriates are flocking the shores of Singapore in huge
numbers for this and other tax-related reliefs available here, but not in other countries.
About SBS Consulting:
Since 2010, SBS Consulting is striving hard to offer best in class Singapore taxation services. As a result,
they had the opportunity to be associated with many renowned national and international clienteles.
The team of tax consultants and financial analysts at SBS Consulting always ensures that the business
gets just what they asked for i.e. simple, straightforward, and tailor-made tax assistance. Besides
Singapore tax services, SBS Consulting also deals in accounting, bookkeeping, auditing, corporate
secretarial, immigration, visa, and other allied services.

Contact:
Meena
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore - 059674
Tel: +65 67289142
Email: info@sbsgroup.com.sg
Website: http://www.sbsgroup.com.sg/

								
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