New overseas vendor GST registration regime, impending GST rate increases (also for international transport)

• Overseas vendors required to register if they sell low-value goods of no more than S$400, or provide remote services, to Singapore consumers (including non-GST-registered businesses) effective 1 January 2023.
• Increase in the GST rate to 8% (from 7%) effective 1 January 2023, and then to 9% effective 1 January 2024.
• Arranging of insurance and international transport and overseas accommodation for Singapore consumers will no longer be zero-rated for GST purposes effective 1 January 2023.

Source: KPMG