E-invoicing model:
  • B2G: Peppol
  • B2B: Post-Audit
Mandatory file format:
  • B2G: Peppol BIS SG
  • B2B: N/A
B2G requirements:
Archiving requirements:
  • 5 Year Period
E-signature:
  • Required in Archiving

Summary

Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.

Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.

Updates

11.17.22

  • VAT/G(S)ST rate information
Government guidance on the upcoming GST rate increase

On 7 November, the Parliament of Singapore approved the Goods and Service Tax (Amendment) bill passing two GST rises beginning 2023.   

The GST rate increases will be staggered over two stages:    (i) from 7% to 8% with effect from 1 Jan 2023; and   (ii) from 8% to 9% with effect from 1 Jan 2024.   To prepare GST-registered businesses for the first rate change, the government has published the e-Tax Guide: 2023 GST Rate Change: A Guide for GST-registered Businesses, and a set of Frequently Asked Questions supplements the e-Tax Guide.   

09.12.22

  • Country updates
GST on imports of low valued goods  As of 1 Jan 2023, Singapore will implement GST on imports of low-value goods and non-digital services. The purpose of taxing low-value goods is to level the playing field between overseas and domestic vendors, also ensuring a fair and resilient GST system.  Overseas suppliers who sell low-value goods (S$400 or less) to customers in Singapore must register GST with Singapore's Overseas Vendor Registration (OVR) if the business:  
  • has an annual global turnover exceeding S$1 million; and 
  • makes B2C supplies of low-value goods to Singapore exceeding S$100,000.  
For more information, please refer to the e-Tax Guide.  

03.23.22

  • VAT/G(S)ST rate information
The upcoming change in GST rate In the Budget 2022, the Minister of Finance in Singapore announced two steps to increase the GST rate:
  • from 7% to 8% with effect from 1 Jan 2023.
  • from 8% to 9% with effect from 1 Jan 2024.
The IRAS (Inland Revenue Authority of Singapore) stated that the increased revenue from GST will be used to fund healthcare expenditures for seniors in the country. Moreover, the GST treatment for travel arranging services will be updated from 1 January 2023, the basis for determining whether zero-rating applies to a supply of travel arranging services will be updated, to be based on the place where the customer (i.e., the contractual customer) and direct beneficiary of the service belong:
  • if the customer of the service belongs in Singapore, the travel arranging service will be standard-rated; or
  • if the customer of the service belongs outside Singapore and the direct beneficiary either belongs outside Singapore or is GST-registered in Singapore, the travel arranging service will be zero-rated.

02.23.21

  • VAT/G(S)ST rate information
GST changes in Singapore Budget 2021

The Singaporean government has decided that the planned GST increase from 7% to 9% will not take place in 2021. The Finance Minister has however emphasised base GST will need to be raised at some point between 2022 and 2025. This is mainly to support government revenue to fund rising healthcare expenditure.

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