{"id":705,"date":"2023-06-13T04:26:27","date_gmt":"2023-06-13T04:26:27","guid":{"rendered":"https:\/\/opencompanysingapore.com\/?p=705"},"modified":"2024-02-20T12:02:42","modified_gmt":"2024-02-20T12:02:42","slug":"value-added-tax-in-singapore","status":"publish","type":"post","link":"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/","title":{"rendered":"Value Added Tax in Singapore"},"content":{"rendered":"\n<p>The <strong>value added tax<\/strong> (VAT) is one of the most important levies in <strong>Singapore<\/strong>. The Inland Revenue Authority (IRAS) is the main regulatory body of the Singapore taxation system and all companies conducting business operations must\u00a0<strong>register for VAT<\/strong>\u00a0with the IRAS. <\/p>\n\n\n\n<p>Our&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/about-us\" target=\"_blank\" rel=\"noreferrer noopener\">company formation specialists in Singapore<\/a><\/strong>&nbsp;can assist foreign investors who want to open companies in the city-state and need to&nbsp;<strong>register for the value added tax.<\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #002e5b;color:#002e5b\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #002e5b;color:#002e5b\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/#how-is-the-value-added-tax-applied-in-singapore\" title=\"How is the value added tax applied in Singapore?\">How is the value added tax applied in Singapore?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/#value-added-tax-rates-in-singapore\" title=\"Value added tax rates in Singapore\">Value added tax rates in Singapore<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/#registration-for-gst-in-2024-%e2%80%93-a-procedure-explained-by-our-experts-in-company-formation-in-singapore\" title=\"Registration for GST in 2024 &#8211;&nbsp; a procedure explained by our experts in company formation in Singapore\">Registration for GST in 2024 &#8211;&nbsp; a procedure explained by our experts in company formation in Singapore<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/#filing-vat-returns-in-singapore-in-2024\" title=\"Filing VAT returns in Singapore in 2024\">Filing VAT returns in Singapore in 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/#vat-changes-at-the-level-of-2024\" title=\"VAT changes at the level of 2024\">VAT changes at the level of 2024<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how-is-the-value-added-tax-applied-in-singapore\"><\/span><strong>How is the value added tax applied in Singapore?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The&nbsp;<strong>value added tax, or goods and services tax as it is called in Singapore<\/strong>&nbsp;is a&nbsp;<strong>consumption tax applied to all goods and services provided in the city-state<\/strong>. The&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/goods-and-services-tax-in-singapore\" target=\"_blank\" rel=\"noreferrer noopener\">GST&nbsp;<\/a><\/strong>also applies to imported goods. The&nbsp;<strong>goods and services tax<\/strong>&nbsp;is considered an indirect tax because it is paid by the final consumer and it is not levied on the company that produces or distributes the product or supplies the service.&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/types-of-companies-in-singapore\">Singapore companies<\/a>&nbsp;<\/strong>will only collect the&nbsp;<strong>GST<\/strong>.<\/p>\n\n\n\n<p>At the level of&nbsp;<strong>2024<\/strong>, foreign business owners who want to&nbsp;<strong>register for VAT in Singapore<\/strong>&nbsp;can file the application for the VAT number online.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"value-added-tax-rates-in-singapore\"><\/span><strong>Value added tax rates in Singapore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Singapore has enabled the Goods and Services Tax (GST) in 1994<\/strong>. The\u00a0<strong>GST<\/strong>\u00a0is the equivalent of the\u00a0<strong>value added tax (VAT)<\/strong>\u00a0in Europe. Introducing the\u00a0<strong>GST<\/strong>\u00a0marked the beginning of a new\u00a0<strong><a href=\"https:\/\/www.opencompanysingapore.com\/paying-taxes-in-singapore\" target=\"_blank\" rel=\"noreferrer noopener\">taxation system of Singapore<\/a><\/strong>. The introduction of\u00a0<strong>GST<\/strong>\u00a0has taken place in order to reduce the corporate tax and the tax applied to personal incomes.<\/p>\n\n\n\n<p>he first rate of the\u00a0<strong>Singapore value added tax<\/strong>\u00a0was 3% when it was first introduced in 1994. Ever since it was raised to 4%, 5% and 7% in 2007. Starting with\u00a0<strong>2024<\/strong>,\u00a0<strong>Singapore\u00a0<\/strong>increased the\u00a0<strong>GST rate to 9%<\/strong>\u00a0from 8%.<\/p>\n\n\n\n<p>European investors will find the&nbsp;<strong>GST system<\/strong>&nbsp;in the Republic very friendly if they choose to&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">open a company in Singapore<\/a><\/strong>&nbsp;as they will also benefit from a zero tax rate for certain goods and services, as well as for exemptions from the&nbsp;<strong>GST<\/strong>. There is also a category of non-taxable goods and services.<\/p>\n\n\n\n<p>The 0% rate applies to:<\/p>\n\n\n\n<ul>\n<li>the sale of goods outside Singapore;<\/li>\n\n\n\n<li>services deemed as international supply of services.<\/li>\n<\/ul>\n\n\n\n<p>The goods and services for which the&nbsp;<strong>Singapore value added tax<\/strong>&nbsp;does not apply are:<\/p>\n\n\n\n<ul>\n<li>the rental and sale of real estate which has no furniture;<\/li>\n\n\n\n<li>the import and local sale of precious metals;<\/li>\n\n\n\n<li>financial services.<\/li>\n<\/ul>\n\n\n\n<p>Our&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/\">company registration consultants in Singapore<\/a><\/strong>&nbsp;can offer more information about the&nbsp;<strong>rates of the value added tax in 2024&nbsp;<\/strong>that have remained unchanged.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"registration-for-gst-in-2024-%e2%80%93-a-procedure-explained-by-our-experts-in-company-formation-in-singapore\"><\/span><strong>Registration for GST in 2024 &#8211;&nbsp; a procedure explained by our experts in company formation in Singapore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Not all companies are required to&nbsp;<strong>register for VAT<\/strong>&nbsp;with the IRAS&nbsp;<strong>in Singapore<\/strong>. However, companies must be aware of their balances all the time and when required they must&nbsp;<strong>register for GST<\/strong>. There are situations when&nbsp;<strong>GST registration<\/strong>&nbsp;is voluntary and situations when it becomes compulsory.&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/general-guide-to-company-incorporation-singapore\">Singapore companies<\/a>&nbsp;must register for VAT<\/strong>&nbsp;if the turnover of their business undertakings exceeds 1 million S$ in the last 12 months and when the turnover for the next 12 months is expected to exceed 1 million S$.<\/p>\n\n\n\n<p>Companies can opt to&nbsp;<strong>register for GST<\/strong>&nbsp;with the tax authorities if the business\u2019 turnover has not exceeded 1 million S$ and if it exports the goods it produces. Financial institutions providing money services that are considered international services are not required to&nbsp;<strong>register for GST in Singapore<\/strong>. Companies opting to&nbsp;<strong>register for VAT in Singapore<\/strong>&nbsp;have the possibility to claim for refund of the input tax.<\/p>\n\n\n\n<p>In order to&nbsp;<strong>register for GST in Singapore in 2024<\/strong>,&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/annual-filing-requirements-in-singapore\">companies must file certain forms<\/a><\/strong>&nbsp;that vary depending on the type of structure. Foreign companies must appoint a local agent to file the documents on their behalf. The registration process will take about 3 weeks to complete. Businesses are required to employ independent auditors who will serve from one annual general meeting to the next. Each set of financial statements to be presented at the annual general meeting of the Company shall be audited and the auditors&#8217; findings shall be disclosed to the shareholders. According to the Companies Act, an auditor&#8217;s report must also be written using the International Standards on Auditing.<\/p>\n\n\n\n<p>Please mind the new&nbsp;<strong>8%<\/strong>&nbsp;rate of the&nbsp;<strong>VAT in Singapore in 2024.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"filing-vat-returns-in-singapore-in-2024\"><\/span><strong>Filing VAT returns in Singapore in 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Companies register for the&nbsp;<strong>value added tax in Singapore<\/strong>&nbsp;are required to&nbsp;<strong>file VAT returns<\/strong>&nbsp;with the Inland Revenue Authority in the city-state on a quarterly basis. In order to do that they must file Form GST F5 which must contain information about the total sales,&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/imports-and-exports-in-singapore\">exports<\/a><\/strong>&nbsp;and purchases from the local companies registered for GST.&nbsp;<strong>Singapore companies<\/strong>&nbsp;must also indicate the amount claimed as a&nbsp;<strong>GST refund<\/strong>. The GST F5 must be filed electronically. Also, company representatives must be aware that&nbsp;<strong>GST schemes<\/strong>&nbsp;and incentives are available for each industry.<\/p>\n\n\n\n<p>In&nbsp;<strong>2024<\/strong>, the&nbsp;<strong>Singapore&nbsp;VAT registration&nbsp;<\/strong>procedure has not suffered any modifications, however, it should be noted that traders failing to register for the tax upon meeting the compulsory requirements can be subject to penalties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"vat-changes-at-the-level-of-2024\"><\/span><strong>VAT changes at the level of 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Beginning on January 1st, 2024, Singapore&#8217;s Goods and Services Tax was raised to 9%. The government asserts that the primary drivers of this growth are the need to upgrade and maintain the infrastructure as well as higher healthcare costs. A couple of programs, such as GST coupons for those in lower income bands and payouts from Assurance Packages, are meant to help Singaporeans get used to the latest hike in GST. In 2024, Assurance Package payments will be made to all Singaporeans who are at least 21 years old in the form of yearly cash prizes, with values ranging from SGD 200 to SGD 800.<\/p>\n\n\n\n<p>If you want to <strong>open a company in Singapore in 2024<\/strong> and need details about the VAT changes, you can consult our local advisors for this purpose.<\/p>\n\n\n\n<p>Our&nbsp;<strong>company formation representatives in Singapore<\/strong>&nbsp;can act on behalf of foreign companies for&nbsp;<strong>GST registration<\/strong>. You can also&nbsp;<strong><a href=\"https:\/\/www.opencompanysingapore.com\/contact\">contact us<\/a><\/strong>&nbsp;for complete assistance during the process of&nbsp;<strong>opening&nbsp;a company in Singapore<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Inland Revenue Authority (IRAS) is the main regulatory body of the Singapore taxation system and all companies conducting business operations must\u00a0register for VAT\u00a0with the IRAS. <\/p>\n","protected":false},"author":1,"featured_media":2085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[119,115,14,11,117,118,116],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Value Added Tax in Singapore - 2024 Update<\/title>\n<meta name=\"description\" content=\"Please find information about the value added tax in Singapore. For details about the taxation system please contact our experts who can help you open a company in Singapore.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/opencompanysingapore.com\/value-added-tax-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Value Added Tax in Singapore - 2024 Update\" \/>\n<meta property=\"og:description\" content=\"Please find information about the value added tax in Singapore. 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