Standard VAT rate: 7% (GST)
E-Invoicing: mandatory for B2G, permitted for B2B and B2C
Real-time reporting: no
Digital service tax: no
The Singaporean VAT number contains 2 digits, 7 numbers and 1 digit. (i.e. M2-1234567-8)
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
GST registered businesses must submit GST return to IRAS (Inland Revenue Agency of Singapore) one month after the end of each prescribed accounting period.
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.
When issuing a tax invoice for amounts uner $1,000, tax invoice only requires the following information:
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.