InsightsSuccess
Subscribe Now!
Get A Chance To Feature In Magazine By Submitting Your Interview Today!
No Result
View All Result
InsightsSuccess
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Blog
  • Conferences
No Result
View All Result
InsightsSuccess
No Result
View All Result

Singapore to Consider GST on e-commerce

GST Banking & Finance Section - Insights Success

The Government of Singapore may soon impose Goods and Services tax (GST) on the products sold online with the objective of expanding its tax base’s wings while grabbing value from this fast growing sector. Experts say that this move may include making e-commerce giants to register for GST in Singapore, or levy taxes on customers directly when they make e-commerce purchases.
Senior Minister of State for Law and Finance, Indranee Rajah talked about the inclusion of GST under local taxes soon, and said that in twenty years people’s ways of purchasing will change and online platforms will be the centerpiece of transactions, and if that is not a part of the tax regime, then there will be a lot of issues. She cited the positive results from the economic transformation policies and talked about the increase in social spending in recent years.
Finance Minister Heng Swee Keat also pointed out the Government’s consideration of imposing tax on e-commerce purchases earlier this year. Currently, most e-commerce purchases levy taxes only if they are above $400. Mr. Chiu Wu Hong, KPMG Singapore’s head of tax said that the $400 limit of GST exemption could be reviewed to capture online shopping transactions. Mr. Hong also said that GST can also be imposed on digital services (music downloads, e-books, etc) provided by foreign companies by using a ‘reverse mechanism’ or by making GST mandatory for them if they want to provide services to Singapore customers. Under a ‘reverse mechanism’ a customer has to bear the tax on supplies received from foreign suppliers.
According to Koh Soo How, PwC Singapore’s Asia Pacific indirect tax leader, the Government’s main intention of imposing taxes on online shopping is to make things uniform between local GST-registered sellers and overseas sellers.
Ms. Indranee Rajah talked about the introduction of many social support procedures and how the Government is wisely investing money for developmental measures. She also talked about infrastructural investment and investing on an aging population and asserted on the need of a uniform taxation system to generate required funds for carrying out those activities.

Previous Post

Cloudaction: A Force for Salesforce

Next Post

Imagine!: Leading the Industry in Innovation & Creativity

Next Post
John Hans | CEO | Imagine - Insights Success

Imagine!: Leading the Industry in Innovation & Creativity

// < ?php // if ( post_password_required() ) // return; // $comment_load = get_theme_mod('jnews_comment_load', 'normal'); // $comment_type = apply_filters('jeg_comment_type', get_theme_mod('jnews_comment_type', 'wordpress')); // $is_normal_load = true; // if($comment_type === 'wordpress') // { // $is_normal_load = true; // } else { // $is_normal_load = ( $comment_load === 'normal' ); // } // if($is_normal_load) // { // get_template_part('fragment/comments'); // } else { // get_template_part('fragment/comments', 'button'); // }

Recent News

Avalara
Recent News

Avalara Set to be Acquired by Vista Equity Partners for $8.4 Billion

Avalara Inc, one of the leading providers of cloud-based tax compliance solutions, revealed on Monday that it agreed to its...

Read more
Samsung

Samsung Launches One UI 5 beta in Galaxy S22 Smartphones

Virgin Galactic

Virgin Galactic Pushes the Start of Commercial Space Tourism Flights to Mid-2023

Paypal Plans

Paypal Plans $900 in Cost Cuts

Starbucks

Starbucks’ Earnings Beats Estimates

Path Breakers

Golden Helix

Golden Helix: Providing Leading Genomic Data Analysis Software

Hubstaff | Workforce Management

Hubstaff: Time and Workforce Management at Your Fingertips Virtually

Evonence LLC

Evonence LLC – Expert Google Workspace Partner Across North America

Booster Box

Booster Box – A Passionate International Performance Marketing Agency for PPC Advertising Campaigns

Gary Olson, CEO, GHO Group LLC

GHO Group LLC: Bringing Vision to Reality

Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.

  • About Us
  • Advertise With Us
  • General Disclaimer
  • Terms & Condition
  • Privacy Policy
  • Subscribe
  • Contact Us

© Copyright 2022, InsightsSuccess | All Rights Reserved.

No Result
View All Result
  • Home
  • Industry Insider
  • Magazine
  • Franchises
  • Women In Business
  • Blog
  • Conferences
  • IT & Innovations
  • Leadership
  • Healthcare
  • Money
  • Startups

© Copyright 2022, InsightsSuccess | All Rights Reserved.