Category Taxation in Singapore

Singapore Eyes Online Shopping GST

November 23, 2017 Taxation in Singapore

Online shopping taxSINGAPORE – Singapore’s rising government expenditure may soon be financed by a tax on online purchases.

As the spending needs of the government of Singapore grows, authorities may soon look into re-working the current legislation on the collection of Goods and Service Tax.

Currently, any goods or services purchased by a taxpayer from Singapore from an international online retailer, are not liable for GST, unless the cost exceeds SGD 400.

Some experts have suggested that the government may lower the threshold in order to capture more transaction under the net of GST.

While the government has not given any indication of how exactly the changes will work.

However, it is expected that the changes will either require merchants to register for GST in Singapore and collect taxes on behalf of ta...

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Singapore to Hike Income Taxes

February 24, 2015 Taxation in Singapore

SINGAPORE – Low- and middle-income earners in Singapore will benefit from an immediate tax rebate, and will enjoy access to more healthcare and transport, funded by taxes hikes paid by the country’s richest taxpayers.

On February 23rd the government of Singapore announced that in 2017 the rates of personal income tax face by high-income earners will rise, and the extra tax revenues will be used to fund extra welfare and healthcare for low-income earners and retirees.

Currently the marginal rate of tax on incomes between SGD 16 000 and SGD 200 000 is 17 percent, rising to 18 percent on incomes up to SGD 320 000, and 20 percent on all incomes exceeding SGD 320 000.

From 2017 onwards the rates will be 18 percent for incomes between SGD 160 000 to SGD 200 000, and 19 percent on the next SGD...

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Singapore Breaks Tax Collection Records

August 26, 2014 Taxation in Singapore

Taxes in SingaporeSINGAPORE – Singapore has seen record-high tax collections, as an increasing number of businesses and individuals file their tax returns on time.

Tax collections in Singapore have hit an all-time high, reaching a level of SGD 41.6 billion, according to information in the annual report of the Inland Revenue Authority of Singapore, issued on August 26th.

The tax revenue level was 0.5 percent higher than in the previous year, when tax revenues hit SGD 41.4 billion.

The record-high tax collection level has been attributed to significant improvement in tax compliance by individuals and businesses, with 95.6 percent of individual taxpayers filing their returns on time, and 82.5 percent of businesses filing their returns before the deadline.

The improved collection level has also been supporte...

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Singapore to be a International Gold Hub?

October 2, 2012 Taxation in Singapore

Gold bullionSINGAPORE – Singapore is looking to become a new international trading center for precious metals, as the government tries to use tax changes to attract international traders to the city.

As of October 1st 2012 new legislation came into effect in Singapore which effectively exempts the trade of investment-grade gold, silver and platinum from the country’s 7 percent Goods and Services Tax (GST), in line with the government’s aim to help facilitate the development of Singapore as an international trading and storage hub for the valuable materials.

The exemptions will only apply to metals sold with a 99 percent, 99.5 percent, or a 99.9 percent purity, and will not affect the sale and purchase of most consumer level jewellery or coins.

In order to ensure that the traded metals meet the require...

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Tax Filing Rules Eased in Singapore

April 3, 2012 Taxation in Singapore

Businesses in Singapore Enjoy Eased Tax FilingSINGAPORE – Small companies registered in Singapore will soon benefit from more relaxed filing requirements, as the national tax authority announces a new simplified tax return form and a removal of the requirement to report estimated chargeable incomes.

While speaking at the annual Budget Seminar hosted by the Tax Academy of Singapore on April 2nd, the commissioner of the Inland Revenue Authority of Singapore (IRAS) Moses Lee announced two major changes to the filing process for small business, aimed at simplifying compliance procedures and reducing compliance costs for businesses operating in Singapore.

According to the commissioner, starting from January 2013 all companies with an accounting year ending in October 2012 will no longer be required to report their Estimated Chargeable Inco...

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