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Singapore missing trader fraud GST liabilities

  • Oct 9, 2020 | Richard Asquith

Following a public consultation, Singapore has brought forward legislation (Goods and Services (GST) (Amendment) Bill 2020) to make traders liable for missing VAT if they should have been able to detect suspicious behaviour and fraud by a counter party. This is an attempt to limit the tax losses of missing trader fraud.

Were the tax office finds that a customer should have been able to identify a suspicious fraud, and there is a GST loss, they will be unable to deduct the input GST suffered against their own return. They may also be liable to a 10% surcharge penalty.

Examples of suspicious transactions are heavily discounted prices or large supplies being offered by new, unknown suppliers.

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He can be contacted at: He is part of the European leadership team which won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.
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