Will the GST Amendment Bill level the playing field for local businesses?
Winds of change in Singapore tax (GST) collection in a post-pandemic landscape. The Singapore government had previously announced that it would be moving to increase GST by 2%-9% at some point between 2022 and 2025, with the expectation to implement it sooner rather than later. Furthermore, under the overseas vendor registration regime, any supplier belonging outside Singapore that has a global turnover exceeding S$1 million and makes B2C supplies of LVG and remote services to customers in Singapore exceeding S$100,000 is required to register, charge and account for GST.
Fast forward to 31 July 2021, IRAS has published the e-Tax guide on GST: Taxing imported low-value goods through the overseas vendor registration regime (First Edition). Now, with effect from 1 Jan 2023, the scope of GST will be extended to:
- Goods imported via air or post that are up to a value (and including) the current GST import relief threshold of S$400
- Business-to-consumer (“B2C”) imported non-digital services
Overseas OVR Vendors registered under the overseas vendor registration regime are subject to the same penalty and compliance regime as domestic GST-registered persons.
COMPLIMENTARY WEBINAR - recorded on Friday 25 February 2022
In this session, expert speaker Kevin Lee outlined legal and practical issues surrounding the features of the OVR regime for imported low-value goods (“LVG”) and the related GST registration and reporting rules. He focused on the practical issues and what it takes to get it right to start this landmark change.
What you'll learn:
- Understand Overseas Vendor Registration (OVR)
- Will the OVR levels the playing field for local business?
- Transitional Rules: where the invoice is issued before 1 Jan 2023
Who should attend: Both tax and non-tax trained junior executives or anyone interested in understanding the impacts of GST.
Presenter: Kevin Lee, a business finance professional and subject-matter expert in the tax practice.