GST registration in Singapore is compulsory for all Singapore companies with annual turnover exceeding S$1 million. The tax was first introduced on April 1, 1994, with the rate being 3%. It was then increased to 4% in 2003, to 5% in 2004, and to the prevailing rate of 7% in the Budget 2007. It is important to note that other companies – with annual turnover less than S$1 million, may also voluntarily register for GST, the tax itself is a broad-based self-assessed consumption tax levied on the import of goods, and almost all goods and services in the country. Some items including most financial services, the sale or lease of residential properties, and the importation and local supply of investment precious metals, are exempted from the GST though.
Also, importantly, GST in Singapore is a multi-stage tax which is collected at every step of the production and distribution chain; and is paid when there is a business transaction involving goods and services, including imports.
For GST registration Singapore, AsiaBiz offers the service that helps ease the process of filing and complying with statutory requirements. Our accounts consultants can help you with the following:
I. GST Registration
We will register for GST on your behalf with Inland Revenue Authority of Singapore (IRAS) and follow up with all queries regarding the registration.
II. GST Filing
Our Singapore tax consultation experts offer an assessment that determines the impact of GST registration on your company and customers. Based on the assessment, we will advise you on the optimum GST filing cycle for your company. AsiaBiz offers monthly, quarterly and biannual GST filing.
Our service also includes providing advice on compliance matters as well as any incentives provided by the government for voluntary registration.
Interested in outsourcing your GST filing?
Leave your tax and accounting matters to us. AsiaBiz has years of experience helping clients handle their needs with its various Singapore tax and accounting services.