Singapore GST compliance and rates
Singapore GST compliance
There are detailed rules controlling the recording and processing of Singaporean transactions. These include guidelines on:
Singaporean invoice requirements;
- Foreign currency reporting and translation;
- Credit notes and corrections; and
- What accounting records must be maintained.
Singapore GST returns
Periodic GST returns must be submitted by all companies with a Singapore GST number, detailing all taxable supplies (sales) and inputs (costs). Generally, returns are submitted monthly in Singapore.
Payments of any associated GST liability must be paid by the return deadline. In the case of a tax credit (where the GST incurred by the company exceeds the GST charged on its sales in the reporting period), approved credits will be paid over to the company within three weeks of the return deadline.
GST rates in Singapore
The standard GST rate in Singapore is 7%.
|Rate||Type||Which goods or services|
|7%||Standard||Goods and Services Tax (GST) (since July 2007)|
|0%||Zero||Zero rating includes: international services; exports; supply and lease of certain aircraft; supply of certain tools|
Latest Singaporean news
Nov 12, 2019
The Singaporean government has confirmed that it is looking to raise its Goods and Services Tax (GST) rate from 7% to 9% sometime between 2021 and 2025. The increase is needed to help meet the rising
October 6, 2018
The Ministry of Finance in Singapore is to update its proposals to reform its Goods and Services regime following a recent public consultation. The...
July 11, 2018
Singapore is to consider a range of changes to its Goods and Services Tax regime. These include a consultation on the following: Imposition of...