This is one of the most interesting GST cases in recent years and we applaud the taxpayer and lawyers for their grit to bring the appeal all the way up to the high court.
From 1 January 2023, the scope of OVR Regime will also be extended to include non-digital services (collectively known as remote services) and LVG. All in effort to level the playing field for local businesses in Singapore to compete effectively.
With effect from 1 January 2023, the application of reverse charge will be extended. The GST will apply to these imported LVG in the same spirit of achieving parity in GST treatment between LVG consumed in Singapore, regardless of where (which country) the supplier belongs.
The IRAS has changed the GST treatment for the supply of carbon credit with effect from 23 November 2022. This includes issuance, transfer or sale of any carbon credit or digital representation of carbon credit, including carbon credits issued by the National Environment Agency (NEA).
The key GST changes for the last quarter of 2021 are in respect of GST incurred on medical expenses. The challenge for you is to find the specific law supporting the requirements to have that medical treatment, medical facility or medical practitioner provided to your employees in your specific industry.
The IRAS has updated the GST Guide on Insurance: Cash payments and input tax on motor car expenses on 27 August 2021. This is a very specific guide for GST-registered insurance companies. Basically, the GST e-tax guide talks about when a GST-registered insurance company can make a deemed input tax if the insurance company makes a cash payment to the claimant when an insured event happens.
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The Major Exporter Scheme (MES) is one of the most common GST schemes in Singapore to relieve companies of the cash flow cost of paying import GST to Singapore Customs and subsequently claiming it as input tax in the GST returns.
In order for foreign companies to register for GST in Singapore, the Inland Revenue Authority of Singapore requires the foreign company to appoint a local agent pursuant to section 33(1) of the GST Act (i.e. also known as the section 33(1) agent) when applying for GST registration in Singapore.
The PAR can be done internally unless the Company has GST scheme like the Major Exporter Scheme (“MES”) or the Import GST Deferment Scheme (“IGDS”) where the PAR must be performed or certified by an Accredited Tax Practitioner (“ATP”) or Accredited Tax Advisor (“ATA”) of Singapore Institute of Accredited Tax Practitioner (“SIATP”).
The ASK review is a self assessment compliance package developed by the Inland Revenue Authority of Singapore (“IRAS”) to review the correctness of their GST submission and discover past GST errors early so as to qualify for IRAS Voluntary Disclosure Programme (“VDP”). The ASK review is also necessary for companies who are applying or renewing their GST schemes such as the Major Exporter Scheme (“MES”), Import GST Deferment Scheme (“IGDS”) and the Approved Contract Manufacturing and Trader (“ACMT”) Scheme.
Have you ever come across a situation where the topics covered in a GST workshop (e.g. export documents, input tax, fringe benefits, imports etc) are relevant to different departments (e.g. logistic, accounts payable, human resource and finance etc) in your organisation? You feel like sending all of them to the GST workshop but you are afraid that they will get bored and their time is wasted when the trainer shares about topics that are not relevant to their work?
With effect from 1 January 2020, any foreign service provider who provides digital services to any consumer in Malaysia, which total revenue from such services exceed Ringgit Malaysia Five Hundred Thousand (RM500,000) in a continuous twelve (12) months calendar period, is liable to register as a service tax registrant. The foreign service provider is then required to charge service tax on any digital service provided to a Malaysian consumer.