ASIAN REGULATORY ROUND UP – SINGAPORE BUDGET PUSHES MAJOR TAX REFORMS
February 1st, 2018
SINGAPORE is to levy good and services tax (GST) on imported services from January 1, 2020, to help city state e-commerce service providers compete with foreign suppliers. B2B imported services will be taxed via a reverse charge mechanism. The move was announced in the government’s 2018 budget, that was announced on February 19.
This also included a boost to Singapore’s corporate income tax (CIT) rebate, which for the 2018 year of assessment will rise to 40% of tax payable, to a Singaporean dollar SGD15,000 (USD11,300) cap, up from a previous 20% to ...
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