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Singapore to raise GST to 8% April 2018

  • GST
  • 13 February 2018 | Richard Asquith

Singapore to raise GST to 8% April 2018

In the 2018/19 annual budget, due 19 February 2018, Singapore may increase its Goods and Services Tax rate from 7% to 8%.

In a recent pole of economists, nine out of ten expected a rise in the GST consumption tax rate due to an ageing population and rising social spending. A similar crisis lead Japan to hike its Consumption Tax rate from 5% to 8% in 2016, with a further rise to 10% imminent.

In addition, taxes on B2C sales of goods by foreign marketplaces and online platforms may also be made liable to GST for the first time.

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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 is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.