Singapore: Will Levy GST On Overseas Purchases Starting From 2023
- The fresh rules on GST state that all goods valued at over S$400 (US$302) which are imported by air or post into Singapore will be taxed.
- GST will be increased to 9% (from the current 7%) between 2022 and 2025 on the back of rising spending needs in Singapore.
- The Singapore government previously announced a $6 billion Assurance Package (US$4.53 billion) to delay the impact of the GST increase for Singaporean households for at least five years.
- Deputy prime minister and minister for finance Heng Swee Keat also said that the country’s fiscal situation is expected to get tighter in the coming years.