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Singapore GST | GST
Singapore GST is applicable in Singapore.
Goods and Services Tax in Singapore is a broad-based value added tax levied on import of goods, as well as nearly all supplies of goods and services. The only exemptions are for the sales and leases of residential properties and most financial services. Export of goods and international services are zero-rated.
Before 1986, Singapore’s corporate income tax rate and top marginal personal income tax rate both stood at 40%. Such high rates were deemed to be uncompetitive. On the recommendation of the 1986 Economic Committee, Singapore’s government decided that it needed to shift from direct to indirect taxes, to maintain its international competitiveness in attracting investments, and to sustain its economic growth to create well-paying jobs for Singaporeans.
The GST was part of a larger tax restructuring exercise to enable Singapore to shift its reliance from direct taxes to indirect taxes. The government argued that tax reform was necessary to maintain Singapore’s competitiveness, to sustain long-term growth and job creation. The government also argued that with an ageing population, Singapore’s income tax base was expected to decline. With a broad-based GST, the taxation burden would be more evenly spread among the population.
As a gesture of goodwill, and to assist lower-income groups, several supermarket chains absorbed the 2% increase in GST, ranging for a period of one month to six months. They included Cold Storage, Giant Hypermarket, NTUC FairPrice and Sheng Siong. Besides FairPrice, NTUC also absorbed the 2% increase on NTUC Foodfare, NTUC Childcare, NTUC LearningHub, NTUC Club and NTUC Healthcare, for six months.
Committee Against GST Profiteering (CAP)
The Committee Against GST Profiteering (CAP) was set up in 1994 to investigate complaints and feedback on profiteering or unjustified price increases using GST increases as an excuse.
Professionals, tax consultants, accountants can use the below links to be updated on Goods and Services Tax
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