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    • UK Based Global VAT and Tax Compliance Consultants
    18
    Feb

    Singapore: Will Levy GST On Overseas Purchases Starting From 2023


    Details:

    • 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.

    Context:

    • 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.