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Found 9 results

  1. https://www.channelnewsasia.com/singapore/import-cars-jail-tax-gst-duty-evasion-fined-4064701 Low Han Siang, the sole proprietor of car importer M’ Exclusive, will serve 69 months' jail in total. SINGAPORE: A man was fined S$6 million (US$4.4 million) last Friday (Jan 19) for evading duty and Goods and Services Tax (GST) on 1,828 motor cars imported into Singapore. As he failed to pay the fine, Low Han Siang, the sole proprietor of car importer M’ Exclusive, will serve a jail term of 60 months in default. He was also sentenced to an additional nine months' jail for underpaying the Additional Registration Fee (ARF) during the registration of the vehicles. The ARF is a tax imposed when a vehicle is registered, calculated based on a percentage of the Open Market Value of the vehicle. Low, 46, had pleaded guilty to two charges under the Customs Act for evading over S$1.8 million in taxes and duties incurred from importing 1,141 motor vehicles, including brands like Mercedes, Porsche and Tesla, into Singapore between 2017 and 2021. The Singaporean also pleaded guilty to two amalgamated charges of giving incorrect information under the Road Traffic Act. Another two charges of fradulent evasion of GST, six charges of fradulent evasion of duty and GST, five charges of causing an incorrect declaration to be made and four amalgamated charges for giving incorrect information were taken into considering during sentencing. HOW LOW WAS CAUGHT An investigation into M’Exclusive was launched after the car importer was suspected of under-declaring the values of motor vehicles for assessment of duty and GST payable, Singapore Customs said in a press release on Monday. Investigations found that from April 2017 to June 2021, Low created false invoices or asked his suppliers to issue multiple invoices with partial values to conceal the actual values of the imported cars. These invoices were then submitted to Singapore Customs for assessment of duty and GST payable. The suppression of the values of the 1,828 motor cars imported into Singapore between April 2017 and June 2021 resulted in the short payment of duty and GST amounting to about S$3,263,280. It was also discovered that Low had instructed his employee, Lee Pak How, to falsify invoices with suppressed values determined by Low. Lee, a 33-year-old Singapore permanent resident, was fined S$10,000 on Jan 13 after pleading guilty to one charge of falsification of documents. DECLARED VALUES OF IMPORTED MOTOR CARS Singapore Customs said it “closely monitors" the declared values of motor cars imported into Singapore and "will not hesitate to take enforcement actions on errant traders”. The agency added it maintains a "robust commitment" to combat fraudulent evasion of duty and GST, and will take the necessary actions against individuals and entities engaging in such illicit activities. Singapore Customs noted that in January, five individuals involving three separate cases were charged for fraudulent evasion of duty and GST by suppressing the declared values of imported motor cars, making incorrect declaration or causing incorrect declaration to be made on the values of motor vehicles, and falsification of documents. Court proceedings are ongoing for these cases. “Any person who is concerned in fraudulent evasion of any duty or GST on imported goods shall be liable on conviction to a fine of up to 20 times the amount of duty and GST evaded and/or jailed for up to two years,” Singapore Customs said. Any person who is concerned in fraudulent evasion of any duty or GST on imported goods can face a maximum fine of up to 20 times the amount of duty and GST evaded and jailed for up to two years. Any person who gives incorrect information in relation to any matter affecting the amount of tax chargeable shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding six months. "The court shall also order the offender to pay up the ARF which has been undercharged to the LTA," Singapore Customs said.
  2. 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.
  3. We are likely to see an increase in GST so it may be the right time to grab that big ticket item during these couple of months.. Important Dates: 11/11 Black Friday: 25 November Christmas Sale Boxing Day Sale Revenge Spending? Bonus Spending? What are you all buying? A Big Caveat OR Wallet Health Advisory: - the best discount you can get is a 100% - when you save instead of spend it..
  4. Bad news: https://www.straitstimes.com/singapore/consumers-to-pay-gst-for-netflix-and-other-overseas-digital-services-5-other-policy
  5. 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 ?
  6. 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.
  7. 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
  8. 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?
  9. 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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