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Singapore Consults on GST (Amendment) Bill 2018 Including GST on Imported Services

03 July 2018

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Proposed Changes

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Singapore

Singapore's Ministry of Finance has launched a public consultation on the draft GST (Amendment) Bill 2018. The main measures of the bill concern the collection of GST on imported services that will take effect from 1 January 2020 through: A Reverse Charge mechanism for business-to-business (B2B) imported services, where the local GST-registered business customer is required to account and pay GST to the Inland Revenue Authority of Singapore (IRAS) directly, on the services that it imports; and An Overseas Vendor Registration (OVR) mode for business-to-consumer (B2C) imported services, which requires overseas suppliers and electronic marketplace operators making significant supplies of...