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Deepti Sri · · 1 min readReport: Singapore to levy GST on overseas purchases from 2023
“Goods and Services Tax (GST) will be levied on imported low-value goods and business-to-consumer imported non-digital services from January 1, 2023,” reported Mothership.
Details:
- The fresh rules on GST state that all goods valued at over S$400 (US$302) which are imported by air or post into Singapore will be taxed.
- GST will be increased to 9% (from the current 7%) between 2022 and 2025 on the back of rising spending needs in Singapore.
Context:
- The Singapore government previously announced a S$6 billion Assurance Package (US$4.53 billion) to delay the impact of the GST increase for Singaporean households for at least five years.
- Deputy prime minister and minister for finance Heng Swee Keat also said that the country’s fiscal situation is expected to get tighter in the coming years.
Editing by Jaclyn Tiu
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