ASIAN INTERNATIONAL REGULATORY ROUND UP – SINGAPORE PLOTS REVERSE CHARGE VAT RULE
September 1st, 2017
SINGAPORE has released details of how it plans to insist that sellers of mobile phones, memory cards and off-the-shelf software pay VAT on the sale rather than purchase of such goods, to prevent tax fraud. The Inland Revenue Authority of Singapore (IRAS) says that this reverse charge system is designed to prevent black-marketers avoiding VAT payments, while customers lower down the supply chain continue to claim input tax. The new system comes into force from January 1, 2019. Details - ...
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