Singapore Revenue Authority Announces GST InvoiceNow Requirement On 15 April 2024, the Inland Revenue Authority of Singapore (IRAS) introduced the GST InvoiceNow requirement, which mandates that GST-registered businesses transmit invoice data directly to the IRAS through InvoiceNow solutions. Phased Implementation To provide businesses with ample time for adoption, the GST InvoiceNow Requirement will be rolled … Read more
Essential Tips and Deadlines for GST Return Filing in Singapore Filing your GST (Goods and Services Tax) return is a critical obligation for businesses that are registered for GST in Singapore. This return summarizes your sales, purchases, and the GST you’ve collected and paid. It’s important to know who needs to file, key filing deadlines, … Read more
GST Filing Mistakes Businesses Should Avoid For businesses in Singapore, accurate Goods and Services Tax (GST) reporting and filing are essential for compliance and smooth financial operations, especially under the Major Exporter Scheme. The Ministry of Finance emphasizes the importance of internal GST review procedures, as GST is a broad-based consumption tax that businesses must … Read more
Registering for the Goods and Services Tax (GST) is an essential step for businesses operating in Singapore. GST is a consumption tax levied on the supply of goods and services and is currently set at 7%. Registering for GST allows companies to collect tax on behalf of the Singaporean government and claim input tax credits. … Read more
What Is GST? Goods and Services Tax (GST) also known as Value-Added Tax (VAT) is the consumption tax levied on goods and services. In Singapore, the rate for GST is currently at 8%. However, not all businesses are required to register for GST and there are GST exemptions available for certain industries. If you want … Read more
After completing the process to incorporate a company in Singapore, you are excited to start working on your product and expanding your business. However, it is important that you first research and mark out all the important filing datelines that you need to meet. Many new businesses make the mistake of missing out on their datelines, … Read more
Increase in Singapore GST tax There will be an imminent hike in the goods and services tax (GST). This was confirmed in a Budget that laid the ground for challenges ahead, even as the Singapore government pockets a surplus of $9.6 billion. GST is expected to be raised from 7% to 9%, between 2021 and … Read more