ASIAN REGULATORY ROUND UP – SINGAPORE BUDGET PUSHES MAJOR TAX REFORMS

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 ...


Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.