Goods and Services Tax (GST):GST is a consumption tax levied on most goods and services supplied in Singapore, unless the sale can be zero-rated or exempted under the GST law. Businesses with an annual turnover exceeding S$1 million are required to register for GST. The curren...
Goods and Services Tax (GST)– A GST of 9% applies on all items sold in Singapore, including imports valued at over SGD 400. Customs duty:As Singapore is a free port, customs duties only apply to intoxicating liquors (ABV above 5%) and other products including tobacco related, motor vehic...
Depending on what your business does, you might need to apply for certain licences. Make sure you’re clear on any permits needed based on the niche you’re working in - you can’t trade without having all your paperwork lined up. Another important thing to consider is GST8. If you exp...
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for GST. Beyond this, there may be other things you need to consider such as licences or permissions to trade, which can vary depending on your sector and company type. It’s worth getting personalised professional advice to make sure you’ve done everything needed before you start to trade...
(GST) with the Inland Revenue Authority of Singapore (IRAS). In most cases, registering for GST is compulsory if the turnover of an entity exceeds $1 million for a continuous period of 12 months OR when the person operating the business reasonably expects the turnover to exceed $1 million...
A GST is set up so the assets in the trust pass directly to the trustor’s grandchildren, or anyone who is at least 37.5 years younger than the trustor (other than a younger spouse). GSTs are typically a play to save on taxes. This kind of trust helps avoid having to pay estate an...
If the foreign company’s local branch in Singapore is GST-registered, it has to apply for cancellation of the GST registration with IRAS. Conclusion Singapore provides a range of options for the closing of business entities and companies, from choosing to strike off or winding up. The option...
Goods and Services Tax (GST)– A GST of 9% applies on all items sold in Singapore, including imports valued at over SGD 400. Customs duty:As Singapore is a free port, customs duties only apply to intoxicating liquors (ABV above 5%) and other products including tobacco related, motor vehic...
Goods and Services Tax (GST)– A GST of 9% applies on all items sold in Singapore, including imports valued at over SGD 400. Customs duty:As Singapore is a free port, customs duties only apply to intoxicating liquors (ABV above 5%) and other products including tobacco related, motor vehic...