GST In Singapore

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Considering that it is relatively uncomplicated to register a business venture in Singapore, many corporations select Singapore as their base of operations in Asia. Besides the ease of registering a business venture in Singapore, many multinational companies opt for Singapore as a place to invest in because the city-state provides attractive incentives and tax exemptions.

There are different types of tax levies collected by the Singapore government. There are tax impositions on personal and corporate incomes, real properties, estate dues, motor vehicles, customs and excise dues, betting, stamps, foreign worker levies, airport passenger service charges, and goods and services.

This article will provide an overview of the Singapore GST policy.

Goods and services tax is the tax that is levied on the costs of goods and/or services acquired in Singapore.|Goods and services tax is the tax collected by the Singapore government for goods and services bought or availed of within the Brownsville. In other nations, the GST is called Value Added Tax (VAT).

The GST is quite a recent addition in Singapore’s taxation system, having been implemented only in April 1994. Currently, Singapore’s GST is at 7%, and the IRAS is the agency that manages, implements and collects the GST.

GST is categorized as an indirect taxation. It is charged each time a person buys something or avails of services, and is not collected from people’s earnings.

A business operating in Singapore is advised to continually evaluate if it is eligible to register for GST. The Inland Revenue Authority of Singapore has two types available of registration methods for corporations registering for goods and services tax.

The first type of registration is compulsory. If a company has an income of more than SGD1 million in a year – or has already earned over a million Singapore dollars in less than a year (called the prospective basis) – it is required by The Inland Revenue Authority of Singapore to register for GST. The Inland Revenue Authority will penalise any eligible corporation that fails to register for goods and services tax.

The other type of registration is voluntary. Entrepreneurs who do not have earnings of over a million Singapore dollars within a single year or in less than a year can also register their businesses on a voluntary basis. One benefit that corporations get in registering for GST is that they can claim input tax obtained in their business operations.

GST Singapore – Drop by today and get more information about the country’s regulations for company incorporation.. Also published at GST In Singapore.

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Article Citation
MLA Style Citation:
Reed, Brianna "GST In Singapore." GST In Singapore. 19 Feb. 2010. uberarticles.com. 7 Apr 2012 <http://uberarticles.com/business/basic-information-about-singapores-gst-policy/>.

APA Style Citation:
Reed, B (2010, February 19). GST In Singapore. Retrieved April 7, 2012, from http://uberarticles.com/business/basic-information-about-singapores-gst-policy/

Chicago Style Citation:
Reed, Brianna "GST In Singapore" uberarticles.com. http://uberarticles.com/business/basic-information-about-singapores-gst-policy/

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