Singapore’s Ministry of Finance (MOF) is proposing amendments to the Goods and Services Tax (GST) Act. MOF is inviting all interested parties are invited to provide feedback on these legislative amendments from 6 to 27 July 2021. The draft GST (Amendment) Bill 2021 proposes 4 amendments to the GST Act.
The first proposed amendment relates to the introduction of GST on (a) goods that are valued up to the current GST import relief threshold of S$400 (“low-value goods”) and are imported via air or post, and on (b) business-to-consumer (“B2C”) imported non-digital services. This amendment ensures a level playing field for local businesses to be competitive. The second proposed amendment updates the GST treatment for supplies of media sales. These 2 amendments were announced in the 2021 Budget Statement on 16 February 2021.
The other two proposed amendments improve GST administration and the clarity of existing legislation, and is part of the periodic review of Singapore’s GST system.
Submission of feedback via email from 6 to 27 July 2021
Singapore’s public can access the public consultation documents, including the draft GST (Amendment) Bill 2021, on the Ministry of Finance’s website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg).
Interested parties are requested to use the prescribed template to submit their comments on the draft GST (Amendment) Bill 2021.