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
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)
