Can GST apply when transferring a business in Singapore?
Yes. GST may be chargeable when a business or business assets are transferred.
Why is GST chargeable on a business transfer?
During a business transfer, the GST-registered transferor is generally required to account for GST on the business assets transferred, as the transfer may be treated as a supply of goods or services for GST purposes.
Can a business transfer qualify for GST exemption?
Yes. Where the transfer qualifies as a transfer of a business as a going concern, the transaction may be treated as an excluded transaction and GST may not be chargeable.
Are there conditions for transfer of business as a going concern treatment?
Yes. Businesses should ensure that all prescribed conditions are satisfied before treating the transfer as an excluded transaction for GST purposes.
