In a litigation case where party-to-party costs are awarded by the court, and a party to the case has to pay costs to the other party, is GST chargeable on those costs? In the case of Chan Wai Leen v Ho Dat Khoon [2024] SGHC(A) 24, this question was considered by the court which expressed
Change in Goods and Services Tax (GST) rate from 1 January 2024
Change in Goods and Services Tax (GST) rate from 1 January 2024 Changes in Standard GST rate The standard Goods and Services Tax (“GST”) rate in Singapore was increased on 1 January 2023 and 2024 from 7% to 9% in the following manner: a. 1 January 2023 – Increase in standard GST rate from 7%
Registration for Goods and Services Tax (“GST”) In Singapore
Registration for Goods and Services Tax (“GST”) In Singapore Compulsory GST Registration A person may be liable for compulsory registration under the Goods and Services Tax Act 1993 (“GST Act”) under the following categories of thresholds: Person who makes taxable supplies, Overseas Vendor Registration (“OVR”) for overseas persons supplying Seventh Schedule supplies in Singapore, or
Goods and Services Tax changes wef 1 January 2023
Changes in Standard GST rate wef 1 January 2023 The standard Goods and Services Tax (“GST”) rate in Singapore will be increased on 1 January 2023 and 2024 from the existing 7% to 9% in the following manner: a. 1 January 2023 – Increase in standard GST rate from 7% to 8%, and b. 1
Tax Changes Arising from Budget 2022
There were significant changes in various taxes arising from the 2022 Budget announced by the Minister for Finance on 18 February 2022. The key changes include increases in Goods and Services Tax (GST) rates, individual income tax rates for higher income brackets and property taxes on residential properties. These changes will affect a number of
GST: Missing Trader Fraud Arrangements wef 1 January 2021
What is a Missing Trader Fraud (MTF) Arrangement? As indicated by its name, the objective of such an arrangement is to defraud the tax authority (Inland Revenue Authority of Singapore, or “IRAS”) and cause loss of public (tax) revenue. In a typical Missing Trader Fraud (MTF) arrangement illustrated by IRAS, a trader (the Missing Trader)
