What is VAT registration?
- The Products and Services Tax (GST), also known as Value Added Tax (VAT) in many other nations, is a consumption tax assessed on the supply of commodities and services in Singapore as well as the importation of goods into Singapore.
What is the requirement?
- There may be a legal requirement for overseas businesses making taxable supplies in Singapore to register for GST. Non-resident traders must follow local filing regulations after registering.
- The yearly threshold for GST registration is SGD 1,000,000. If your annual sales turnover is less, registration is not required.
Where to register?
- The government department in charge of handling tax collection and enterprise payout programs is known as the Inland Revenue Authority of Singapore (IRAS).
- You can apply online.
How to cancel the VAT registration?
- When your company shuts down, when it is completely sold to another party, or when your sales fall below SGD 1 million, you can revoke your registration.
- Within 30 days of the date of termination, you must submit an application form to the tax office together with other necessary papers.
How to transfer the VAT registration in Singapore?
- The supply of the connected assets may be regarded as an excluded transaction if the business (in its entirety or in part) is transferred as a going concern.
- This indicates that neither a supply of products nor services is being provided. As a result, there is no GST due on the transfer of assets.
Where to update if you want to change the contact details or bank details etc?
- You can update details here.
