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Found 6 results

  1. A Goods and Services Tax (Amendment) Bill was passed in Parliament on Nov.19. With this being passed, Singaporeans can expect to pay GST for overseas services in 2020, including that of digital services such as Netflix and Spotify. This means that business-to-consumer services will have to register via an overseas vendor registration regime imposed on them. Criteria for businesses to be taxed Other companies providing video and music streaming services, mobile applications and software may also be affected. According to the second reading speech on the Goods and Services Tax (Amendment) Bill by Second Minister for Finance Lawrence Wong, such companies will have to register if they meet the two-tier criteria of: Having a global annual turnover of S$1 million or more Making sales of digital services of at least S$100,000 to Singapore consumers. The tax is expected to bring in an additional S$90 million of tax revenue every year. This comes as part of new rules to protect local retailers, by ensuring “both imported and local services are treated on a level playing field and accorded the same GST treatment.” Reverse Charge mechanism Between businesses, a “Reverse Charge mechanism” would be implemented instead. Instead of having the business or company based overseas accounting for the GST, the GST for goods and services would be accounted for by the local importing company. This would not affect a large number of businesses, however, as businesses which can claim a full refund of the GST they incur on their purchases, including imported services would not have this mechanism applied to them. It is slated to “affect mainly financial institutions and residential property developers” – those who were unable to have a full GST refund in the first place. How much more would I have to pay for my Netflix? As per the Goods and Services Tax Act, the rate of GST would be 7%. It was previously announced during Budget that GST would be raised to 9% some time 2021 and 2025.
  2. ok, you win a restaurant voucher and you go to this restaurant to use it. say the voucher value is $50 and your total bill is $80. should the GST + SC be calculated from the total $80 or just from the additional $30 of spending ?
  3. Ktglfc

    Holidaying Back, pls pay GST

    Just a sincere reminder to all our MCFers :) Travellers returning to Singapore to pay GST for shopping purchases Published on May 27, 2014 2:07 PM - See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/travellers-returning-singapore-shopping-have-pay-goods-a#sthash.6bT62Xnl.dpuf Travelling this school holidays? Singapore Customs is reminding travellers who return from overseas with shopping worth more than $600 to declare their goods and pay GST on it. More details here: http://bit.ly/1wdg0yR June is coming and that means overseas holidays for many families. But beware of lugging back too much shopping from your jaunts as your spoils could be subject to Goods and Service Tax (GST) once you get home. Singapore Customs has issued an advisory to remind travellers that GST is exempt for only for a certain value. If you travel out of Singapore for less than 48 hours, then you will not have to pay GST for goods valued up to $150. If you are away for more than 48 hours, you are exempt from GST for goods valued up to $600. Travellers will have to pay GST only on the value of the goods that exceeds the GST relief. For example, if you buy $800 worth of goods on a four-day trip to Hong Kong, you will need to pay GST for the $200 worth of goods. At 7 per cent, that comes up to $14. You will have to produce invoices or receipts of these purchases to help calculate the tax payable. You can pay taxes at the Singapore Customs' Tax Payment Office or at the self-service Tax Payment Kiosk at the checkpoints.
  4. Mockngbrd

    Malaysia GST

    showing us in Singapore who's boss... they not just going to have GST, but they even have GST song!!! https://www.facebook.com/video.php?v=798695430206147
  5. http://www.independent.co.uk/news/uk/home-news/air-travellers-refusing-to-show-boarding-passes-at-airport-shops-after-news-that-the-information-is-used-by-stores-to-avoid-paying-vat-10449107.html How to find out?
  6. The Goods and Services Tax (GST) is set to kick off in April in Malaysia, and petrol is not going to be on the exempted list of basic necessities according to Royal Malaysian Customs Department senior assistant director Ishak Daud in Kuala Lumper recently. He was quoted that the 80 or so items that will be exempted would be revealed in October at Malaysia's 2015 Budget. Currently, both RON 95 petrol and diesel are exempted from the sales tax which the 6% GST is supposed to take over from. Assuming the rate of fuel subsidy, which RON 95 petrol and diesel enjoy from the government now stays the same, expect their price to increase after April 2015. RON 97 prices would not be affected since the subsidy is minimal and is driven by market forces.
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