GST Registration for Overseas Entities
Q: |
Do i need to register for GST? |
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A: |
GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In some countries, GST is known as the Value Added Tax (VAT). You must register for GST if :
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Q: |
What are the alternatives for Overseas Entities that import goods for supply in Singapore? |
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A: |
You can import goods into Singapore and supply them in your business name. If your taxable supplies exceed the threshold, GST registration is compulsory. Otherwise, you may choose to register for GST voluntarily so that you can claim GST paid on imports. You may appoint a GST-registered Singapore agent who will import and supply goods on your behalf. This agent, known as a Section 33(2) agent, is responsible for the goods as if he is the principal. He will import goods into Singapore in his name and claim GST paid on imports. Subsequent supply of the goods will be treated as his taxable supplies and he has to account for GST on the supplies. You do not need to register for GST. |
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Q: |
How to register GST for Joint Ventures? |
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A: |
A Joint Venture is a business arrangement where two or more parties (members) come together to carry out certain activities jointly. If registered with ACRA, a Joint Venture is a legal entity and can be registered for GST. If not registered with ACRA, a JV can only be registered for GST if :
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