5 Major Developments in Singapore

5 Major Developments in Singapore

• Introduction of REX and new preference document
• IRAS Guide on GST treatment for Gift vs Sample vs Warranty
• Singapore Government to Mandate InvoiceNow for B2G E-Invoicing
• Herbalife wins court battle against the Comptroller of GST over S$2.2 million in ‘revenue leakage’
• Singapore: InvoiceNow electronic invoicing project via Peppol

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Bad debts (relief for underpaid sales invoices)

• Singapore Gazettes Amended Simplified Invoicing and Tax Credits Regulations

Customs

• Introduction of REX and new preference document

• Singapore: Introduction of REX and new preference document

• EU preferential exports to Singapore shall be covered by statements on origin made out by registered exporters as from 1 January 2023

Deduction (Input Tax Credit)

• Updates on GST claims for motor cars, related expenses

E-Commerce / Electronic Services

• New GST rules for non-resident companies

• Singapore updates Low Value Goods GST policy

• Singapore Tax Agency Updates GST e-Tax Guides on Various Topics

• Government pursues the circular for Overseas Vendor Registration

E-Invoicing

• Singapore: InvoiceNow electronic invoicing project via Peppol

• Singapore Encourages the Use of E-Invoicing via Peppol with InvoiceNow

• Singapore is moving towards B2G mandate for Peppol

• Singapore Government to Mandate InvoiceNow for B2G E-Invoicing

• Singapore InvoiceNow e-invoicing plans

• InvoiceNow e-invoicing plans

• Government announced Mandatory E-Invoicing in coming years

Export

• Singapore: Introduction of REX and new preference document

• EU preferential exports to Singapore shall be covered by statements on origin made out by registered exporters as from 1 January 2023

Importation

• Singapore updates Low Value Goods GST policy

Invoice

• Singapore Gazettes Amended Simplified Invoicing and Tax Credits Regulations

Private Use

• Updates on GST claims for motor cars, related expenses

Rate

• Singapore to Increase its GST Rate to 9% from Jan 2024

• GST Voucher Scheme: How This Permanent Scheme Supports Singaporeans As GST Rates Increases

• Singapore GST rise to 9% Jan 2024 – second increase in a year

• Singapore to Raise GST Rate in 2024, Proposes Higher Taxes on Immovable Properties, Luxury Vehicles

• Singapore GST rise to 9% Jan 2024 – second increase in a year

• Singaporeans say ‘2 step GST increase will be another excuse next year for businesses to increase prices further’

• Singapore looks to ‘GST discounts’, cash handouts to ease pain of sales tax hike that’s set ‘to bite’

• Singapore Publishes Updated GST Guides for Retailers, Exports, Motor Vehicle Traders, and Others

• Singapore VAT News: GST Changes from January 2023

• Singapore breaks 15-year GST rate consistency

• Singapore Goods and Sales Tax Will Increase by 1% from January 2023

• Singapore Publishes Goods and Services Tax (Amendment) Act 2022 Including Increased GST Rate

Refund

• GST Voucher Scheme: How This Permanent Scheme Supports Singaporeans As GST Rates Increases
• Singapore looks to ‘GST discounts’, cash handouts to ease pain of sales tax hike that’s set ‘to bite’

Registration

• New GST rules for non-resident companies

• Government pursues the circular for Overseas Vendor Registration

Reporting / Compliance

• InvoiceNow e-invoicing plans

• Latest update on GST e-tax guides

Taxable Amount

• Herbalife wins court battle against the Comptroller of GST over S$2.2 million in ‘revenue leakage’

Taxable Transaction

• IRAS Guide on GST treatment for Gift vs Sample vs Warranty

Voucher

• Singaporeans to receive higher cash payouts under GST Voucher scheme and Assurance Package