Popular Search Terms
E-invoicing model:
  • B2G: Peppol
  • B2B: Post-Audit
Mandatory file format:
  • B2G: Peppol BIS SG
  • B2B: N/A
B2G requirements:
Archiving requirements:
  • 5 Year Period
E-signature:
  • Required in Archiving

Summary

Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.

Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.

Updates

03.23.22

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  • VAT/G(S)ST rate information
The upcoming change in GST rate In the Budget 2022, the Minister of Finance in Singapore announced two steps to increase the GST rate:
  • from 7% to 8% with effect from 1 Jan 2023.
  • from 8% to 9% with effect from 1 Jan 2024.
The IRAS (Inland Revenue Authority of Singapore) stated that the increased revenue from GST will be used to fund healthcare expenditures for seniors in the country. Moreover, the GST treatment for travel arranging services will be updated from 1 January 2023, the basis for determining whether zero-rating applies to a supply of travel arranging services will be updated, to be based on the place where the customer (i.e., the contractual customer) and direct beneficiary of the service belong:
  • if the customer of the service belongs in Singapore, the travel arranging service will be standard-rated; or
  • if the customer of the service belongs outside Singapore and the direct beneficiary either belongs outside Singapore or is GST-registered in Singapore, the travel arranging service will be zero-rated.

02.23.21

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  • Other
GST changes in Singapore Budget 2021

The Singaporean government has decided that the planned GST increase from 7% to 9% will not take place in 2021. The Finance Minister has however emphasised base GST will need to be raised at some point between 2022 and 2025. This is mainly to support government revenue to fund rising healthcare expenditure.

02.23.21

|
  • VAT/G(S)ST rate information
GST changes in Singapore Budget 2021

The Singaporean government has decided that the planned GST increase from 7% to 9% will not take place in 2021. The Finance Minister has however emphasised base GST will need to be raised at some point between 2022 and 2025. This is mainly to support government revenue to fund rising healthcare expenditure.

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