Singapore proposes to
introduce GST on imported services on or after January 1, 2020 to
ensure a fair and resilient tax system in digital economy; B2B imported
services to be taxed via reverse charge mechanism, whereby local business
customer, making taxable supplies, shall account for GST to IRAS on services it
imports and in turn, claim input tax subject to GST input tax recovery rules;
However, businesses that (i) make exempt supplies, or (ii) do not make any
taxable supplies need to apply reverse charge; Taxation of B2C imported
services will take effect through an Overseas Vendor Registration (OVR) mode,
which requires overseas suppliers and electronic marketplace operators making
significant supplies of digital services to local consumers, to register with
IRAS for GST; IRAS to release further details by end-February 2018; Explaining
the rationale, Minister for Finance Mr. Heng Swee Kea states, “Today, services
such as consultancy and marketing purchased from overseas suppliers are not
subject to GST. Local consumers also do not pay GST when they download apps and
music from overseas. This change will ensure that imported and local services
are accorded the same treatment.”; As regards import of goods, Mr. Heng Swee
Kea states that Govt. will review the international discussions on
applicability of GST before deciding on measures to take : Singapore Budget
2018
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