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Summary

Standard VAT rate: 7% (GST)
E-Invoicing: mandatory for B2G, permitted for B2B and B2C
Real-time reporting: no
Digital service tax: no

Compliance and rates

GST number format

The Singaporean VAT number contains 2 digits, 7 numbers and 1 digit. (i.e. M2-1234567-8)

GST rates

The GST rate in Singapore is 7%. GST-registered businesses are required to charge and account for GST at 7% on all sales of goods and services in Singapore unless the sale can be zero-rated or exempted under the GST law. 7% (Standard) – applies to all taxable supplies of goods and services 0% (Zero) – exporttations and tickets for international transport services

VAT payments and returns

GST registered businesses must submit GST return to IRAS (Inland Revenue Agency of Singapore) one month after the end of each prescribed accounting period.

Reporting frequency:

Quarterly:

  • for Q1 by April 30th
  • for Q2 by July 31st
  • for Q3 by October 31st
  • for Q4 by January 31st

Penalties in case of late filings or misdeclarations

Late Payment Penalty – if GST payment is not received by the due date, a 5% penalty and subsequently an additional 2% penalty (not exceeding 50% of the tax outstanding) will be imposed for each completed month that the tax remains unpaid.

Invoice requirements

When issuing a tax invoice for amounts uner $1,000, tax invoice only requires the following information:

  • business name, address and GST registration number
  • date of issue of invoice
  • an identifying number (e. g. invoice number)
  • description of the goods or services supplied
  • total amount payable including GST
  • a statement similar to “price payable includes GST”

E-Invoicing

From 2008, all suppliers billing the Government must submit their invoices electronically.

For B2B and B2C transactions, issuance of invoices electronically is permitted, but still not mandatory.

Turnkey invoice compliance.

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