19 August 2021
Overview
Before 1 Jan 2020, services supplied by a domestic supplier in Singapore would be subject to Goods and Services Tax (GST) while the same services supplied by a supplier who is outside Singapore is not. This made domestic services less competitive vis-a-vis like foreign services. From 1 Jan 2020, two new regimes have been implemented to level the playing field by subjecting imported services to GST.
(i) A reverse charge regime for Business-to-Business (B2B) supplies of imported services; and
(ii) An overseas vendor registration regime for Business-to-Consumer (B2C) supplies of imported digital services.
For further information, please contact:
Eugene Lim, Co-Founder and Principal, TaxiseAsia