Any smart BOY here can start a thread on Singapore Business and TAX?

[bkm]

:rolleyes:

[DoorKeeper]

Originally posted by bkm
:rolleyes:

BKM, I think none of us here are smart enough to discuss taxation etc. Or maybe if we did, some of us might get a visit from Inland Revenue !

:p

[fred]

What you need to know about tax ??

[webline]

lol. your company will need to be a PTE LTD or LTD or incorporation in order to apply for GST license. ;-)
if you ever find any sole registered businesses charging the 4% GST, pls kindly report to the respective govt. body.

[Hostings]

I saw some sites on this. And SG.GS had said this before, if my memory don't fail. A PTE LTD/LTD/Incoporation company do not mean that you'll have to charge GST. Your annual gross sales must be at least a huge sum, at least 1 million, before you can charge any GST.

For moments, i was wondering why this thread about taxing is. GST? or company income tax?

[Marcus Lau]

As long you are a Singapore registered company and have your product sold in Singapore, you got to appy the GST tax towards your customer., otherwise you will be fined SGD$3000. Not applicable to overseas customers.

As for Europe companies, they will imposed a tax called V.A.T to overseas clients and same goes for GST to local ones.

There are many more on taxes and etc, really can't remember much.

[robhard]

In Singapore, to be a GST Trader, either your annual sales revenue is >SGD1 million (this is a must by law to be a GST Trader) / you volunteer to be one. Regardless whether your establishment is a PTE LIMITED/ Sole proprietorship / Partnership, the above mentioned applies.

[qwerty]

From http://www.iras.gov.sg/gst%20traders/gst_overview.htm

:book:

"
Goods and Services Tax (GST) is a tax on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on by him; and on the importation of goods into Singapore.

In general, goods sold or services performed in Singapore are taxable. The only exceptions are financial services or the sale or lease of residential properties which are exempt supplies.

GST is charged and accounted at a rate of 4%* on the value of supply. For instance, if you, a GST registered person, sell a watch in Singapore for $100, you will have to charge a GST of $4 to your customer. The $4 will go to the government as tax. Only a GST registered person can charge GST on the sale of goods or provision of services. For imports, GST is collected by the Customs and Excise Department at the point of importation into Singapore.

A person is required to register for GST if his annual taxable turnover had exceeded or is expected to exceed S$1 million.

* GST Rate will be changed from 4% to 5% with effect from 1 Jan 2004
"