Singapore Bumps Goods and Services Tax Rate by 1 Point
Singapore Customs imposed a revised Goods and Services Tax rate, increasing the mark from 7% to 8% to take effect Jan. 1, Singapore Customs announced Nov. 4. The new rate will apply to all imports and goods released from licensed…
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premises for local consumption after Dec. 31. Singapore Customs advised importers to clear their goods by Dec. 31 for in-payment (GST) and in-payment (duty and GST) permits with the 7% GST rate, but said an extension of those permits' validity period will not be allowed for permits that expire on or after Dec. 31.