Goods & Services Tax

Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.

GST exemptions apply to the provision of most financial services, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated.

As a business, you must register for GST when:

• Your taxable turnover for the past 12 months ending Mar, Jun, Sep or Dec (referred to as “quarter”) is more than $1 million; or
• You are making or intend to make taxable supplies and you can reasonably expect your taxable turnover in the next 12 months to be more than $1 million (e.g signing of a sales contract or business agreement).

If your business does not exceed $1 million in taxable turnover, you may still choose to voluntarily register for GST after careful consideration.

Detailed information can be found at https://www.iras.gov.sg/taxes/goods-services-tax-(gst)

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