Singapore Proposes GST and Overseas Vendor Registration Extension in 2021 Budget
In its 2021 budget, Singapore floated changes to its goods and services tax that would extend the overseas vendor registration requirement for imports of low-value goods and non-digital services, according to a KMPG report. Under current law, GST exemptions are…
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awarded to low-value goods of no more than $400 (in Singapore dollars) imported by air or post and the overseas vendor registration regime applies only to digital services. In the proposed budgetary changes, set to take effect on Jan. 1, 2023, overseas vendor registration rules would be extended to all low-value goods imports by air or post valued under S$400 along with business-to-consumer imported non-digital services. Under the latter provision, any supplier outside Singapore that has global revenue greater than S$1 million in the prior 12 months will be required to register and account for GST.