• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Budget 2021: GST expanded to imported non-digital B2C services and low-value goods starting 2023

by kathleen
16/02/2021
in Business, Current Affairs, Finance, Parliament
Reading Time: 2 mins read
25
Budget 2021: S$900 million Household Support Package includes S$200 cash pay outs and S$100 hawker vouchers

The Goods and Services Tax (GST) will be extended to all imported low-value goods beginning 2023, said Deputy Prime Minister Heng Swee Keat during his budget speech on Tuesday (16 February).

Before this, the GST import relief threshold was S$400, meaning goods imported which are valued under that amount that are not subject to GST. This is to facilitate customs clearance at borders.

Additionally, imported non-digital business-to-consumer (B2C) services will also now be charged GST. This refers to services provided over the internet and other electronic networks and requires human intervention, such as education services, fitness training, telemedicine and counselling.

Mr Heng, who is also the Finance Minister, noted that these changes will “ensure a level playing field for our local businesses to complete effectively, noting that this is a feature of a fair and resilient tax system.

“Overseas suppliers of goods and services will be subject to the same GST treatment as local suppliers,” he explained.

“IRAS (Inland Revenue Authority of Singapore) will continue to work with the industry to ensure smooth implementation for the change,” he added.

Last year, GST was extended to cover imported digital services such as music and movie streaming services amid a growing digital and e-commerce economy.

For this expansion of GST coverage to be implemented, suppliers from aboard offering low-value goods and non-digital services will be required to register under the extended overseas vendor registration programme in order to charge GST on sales to local customers.

The Ministry of Finance (MOF) explained on Tuesday, “Overseas suppliers, electronic marketplace operators and redeliverers will be required to register for GST if they make significant supplies of low-value goods to local consumers.”

“They will collect GST on the sale of low-value goods imported by local consumers, and then pay the GST to IRAS.”

The MOF added that it will consult the industry before finalising details on implementation, noting that the changes will take effect on 1 January 2023 to allow businesses time to prepare.

One aspect of a fair and resilient tax system is ensuring a level playing field for our local businesses vis-à-vis their overseas counterparts. From 1 Jan 2023, overseas suppliers of goods and services will be subject to the same GST treatment as local suppliers. #SGBudget2021 pic.twitter.com/VrYhHyrp2e

— MOFsg (@MOFsg) February 16, 2021

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.
Tags: Budget 2021Heng Swee Keat

Related Posts

Comments

Netizens slam DPM Heng Swee Keat for blaming S’poreans wanting to be “bubble wrapped”, say they seek balance for local workforce

14/08/2021
Parliamentary questions for 10 May 2021
Finance

Foreigners contributed approximately 32% in personal income tax per year while 50% of workers do not earn enough to pay taxes

11/05/2021
NCMP Leong Mun Wai urges for clearer view of Singapore’s fiscal revenue during exchange with DPM Heng in Parliament
Parliament

NCMP Leong Mun Wai urges for clearer view of Singapore’s fiscal revenue during exchange with DPM Heng in Parliament

11/05/2021
Business

Around one-third of govt contracts for legal services awarded to small and medium-sized firms over the past five years: DPM Heng

11/05/2021
DPM Heng Swee Keat asks for feedback on making Changi Point more “vibrant”; netizens prefer it to be untouched
Comments

DPM Heng Swee Keat asks for feedback on making Changi Point more “vibrant”; netizens prefer it to be untouched

19/04/2021
Opinion

Mr Heng cites his age for resigning while PAP Govt raised retirement age for people to work older

12/04/2021
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
25 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Latest posts

Malaysian court sentences man to 1,050 years’ jail, 24 strokes of the cane, for raping stepdaughter 105 times

Thai court jails activist for 28 years jail for royal defamation

26/01/2023
Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

26/01/2023
KKH’s lack of continuous monitoring baby’s vital signs “was not ideal”, said State Coroner

KKH’s lack of continuous monitoring baby’s vital signs “was not ideal”, said State Coroner

26/01/2023
Dozens of COVID protesters still behind bars in China: HRW

Dozens of COVID protesters still behind bars in China: HRW

26/01/2023
8 dead, including 6 Chinese nationals, after ship sinks near Japan

8 dead, including 6 Chinese nationals, after ship sinks near Japan

26/01/2023
“党籍不会过期失效”  前进党称已就党籍终止知会卡拉

Nurse disabled permanently after vaccine injury and sacked by SGH; Did the hospital advise her to apply for VIFAP?

26/01/2023
Man and 2-year-old daughter fell into hole in bridge at Sungei Buloh Wetland Reserve, “seconds away from drowning”

Man and 2-year-old daughter fell into hole in bridge at Sungei Buloh Wetland Reserve, “seconds away from drowning”

26/01/2023
Ruling on Trump ban marks defining moment for Facebook panel

Meta says Trump to be allowed back on Facebook, Instagram

26/01/2023

Trending posts

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
27

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
26

...

Budget 2021: S$900 million Household Support Package includes S$200 cash pay outs and S$100 hawker vouchers

Budget 2021: GST expanded to imported non-digital B2C services and low-value goods starting 2023

by kathleen
16/02/2021
25

...

“党籍不会过期失效”  前进党称已就党籍终止知会卡拉

AGC asked to explain purposes of 68 private letters of inmates illegitimately forwarded to prosecutors

by The Online Citizen
21/01/2023
16

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
34

...

“党籍不会过期失效”  前进党称已就党籍终止知会卡拉

Has HDB flats become “more affordable” by “selling” at a shorter lease of 50-years?

by Leong Szehian
25/01/2023
18

...

February 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
« Jan   Mar »
  • About Us
  • Subscribe
  • Letter submission
  • Contact Us

© 2006 - 2021 The Online Citizen

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2006 - 2021 The Online Citizen

wpDiscuz