Singapore Company Formation Specialists Give an Overview of the Singapore Goods & Services Tax

PRLog (Press Release) –
Jul 14, 2009 – The Goods and services tax (GST) in Singapore is similar to Value Added Tax in other countries.   The GST is levied on:

a.   goods and services supplied in Singapore by any taxable person in the course or furtherance of a business; and

b.   goods imported into Singapore by any person.

However, financial services or the sale or lease of residential properties are not taxable.

In Singapore, GST is currently charged and accounted at a rate of 7% on the value of supply.  

You are required to register for GST in Singapore, if your business turnover is more then S$1 million for the last 12 consecutive months; or you are currently making sales and you can reasonably expect the turnover of your business to be more than $1 million for the next 12 months.

For companies with an annual turnover of less than S$1 million, GST registration is not mandatory.  You may however choose to register if you believe it makes economic sense to do so.

If you are GST registered, you are authorized to collect GST tax from your customers for your goods sold or your services provided.  The GST amount which you invoiced your customer must be sent to the Singapore tax department on a quarterly basis by tax filing.

Security Deposit

In Singapore, you may be required to provide a security deposit upon registering for GST if you:

•   Have outstanding taxes or penalties; or

•   Are a director/partner/sole proprietor of other business which have outstanding taxes or penalties.

Late Notification of Liability for GST Registration

If a GST registration is compulsory in the case of your Singapore incorporated company, you may be fined up to S$10,000 and a penalty of 10% of the tax due if you fail to apply for GST registration.

For more information, please visit http://www.rikvin.com

http://www.rikvin.com/Singapore-Goods-Services-Tax.html

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Singapore Company Registration and Related Corporate Services Under-One-Roof. We provide a fast online service for company incorporation, private limited company formation, business registration and full corporate secretarial services in Singapore.

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