Tag: Goods and Services Tax (GST)

IRAS publishes new Form GST F2: Application for Exemption from GST Registration

On By taxsgIn Goods and Services Tax, Latest Tax News

16 December 2013

The Inland Revenue Authority of Singapore (IRAS) published a new Form GST F2: Application for Exemption from GST Registration (GST/FORM002/1113) on 12 December 2013.

Businesses may apply for exemption from goods and services tax (GST) registration if their taxable turnover is wholly or substantially made up of zero-rated supplies. Applicants should read the e-Tax Guide “Do I Need to Register?” before completing the form.

The form can be downloaded from the IRAS website.

Source: Inland Revenue Authority of Singapore

Reminder to pay GST for overseas shopping

On By taxsgIn General News, Goods and Services Tax, Latest Tax News

18 November 2013

The Singapore Customs released a statement on 15 November 2013 to remind travellers returning to Singapore from overseas that all goods brought into Singapore are subject to Goods and Services Tax (GST) at the rate of 7%.  Such goods include new items, souvenirs, gifts or food products.

However, some GST relief is available to travellers depending on the duration of their overseas trip. The GST relief granted is as follows:

Time away from Singapore

Value of goods granted GST relief

Less than 48 hours

S$150

48 hours or more

S$600

The GST relief does not apply to liquor, tobacco products, petroleum and goods imported for commercial purposes.

Travellers are required to pay GST on the value of their goods that exceeds the GST relief.

Failure to make a declaration is an offence under the Customs Act and GST Act. Offenders may be prosecuted in court and fined up to S$10,000 or 20 times the amount of duty and GST, whichever is higher and/or jailed for up to three years.

Source: Singapore Customs

e-Tax Guides rewritten by IRAS

On By taxsgIn Goods and Services Tax, Latest Tax News

10 October 2013

The Inland Revenue Authority of Singapore (IRAS) released an updated list of rewritten e-Tax Guides on 7 October 2013.  The list includes 13 rewritten e-Tax Guides published on 30 September 2013.  They are:

  • GST: Guide for Motor Vehicle Traders
  • GST: Guide for Divisional Registration
  • GST: Guide on Imports
  • GST: Construction Industry (English version)
  • GST: General Guide on Group Registration
  • GST: Guide on Non-Business Receipts – Business Tests and the Effect of Non-Business Receipts on Input Tax Claims
  • GST: Self-Accounting of GST by Listed REITs and their SPVs for Property Purchases
  • GST: Approved Marine Fuel Trader (AMFT) Scheme
  • GST: Supply of Electricity to Master-Metered and Sub-Metered Consumers
  • GST Treatment of Web-Hosting Services and Server Co-location Services
  • GST: Guide on Hand-Carried Exports Scheme
  • GST: Concession for REITS and Qualifying Registered Business Trusts Listed in Singapore
  • GST: Exchange Rates For GST Purpose

For more details, please refer to the IRAS website.

Source: Inland Revenue Authority of Singapore