Insights

Due to the impact of COVID-19, businesses have had to incur additional costs to adjust to new work requirements and facilitate remote working. Recently, the Inland Revenue Authority of Singapore (“IRAS”) clarified the rules on the claiming of input tax in respect of certain COVID-19 related costs.

Our tax manager Jeremy O'Neill led a session on GST issues related to cross border services

Is your business substantially involved with the import of goods into Singapore? Are you unnecessarily paying import GST and having to wait to file your GST return before you claim input tax credit for the import GST paid to Singapore Customs?

Whilst Deputy Prime Minister and Finance Minister Heng announced an estimate of nearly $60bn worth of welcome measures to support the economy through the Covid-19 pandemic in the “Resilience” and “Solidarity” budgets, many businesses will still be seeking further ways to reduce costs and improve their overall cashflow position.

Is your business substantially involved with the import and export of goods? Are you unnecessarily paying import GST and having to wait to file your GST return before you claim input tax credit for the import GST paid to Singapore Customs?

GST reverse charge Jan 2020 – what businesses need to know

Indirect tax changes to cryptocurrency

With digital tax gaining momentum in many jurisdictions, it came as little surprise when the overseas vendor registration (OVR) regime was announced in Singapore’s 2018 budget.

Is your business ready for the GST changes that will be introduced in Singapore from 1 January 2020?

This international indirect tax guide provides an overview of tax systems in key countries and how you can get further support from Grant Thornton member firms.

Significant changes to Singapore’s Goods and Services Tax (‘‘GST’’) system were announced by Finance Minister Heng in the recent 2018 Budget.

While we may not have sight of what our future relationship with the EU will look like, Grant Thornton has developed Brexit Indirect Tax Impact Analysis, to help you to understand the possible Customs Duty and VAT costs posed to your business by various Brexit scenarios.

As of next year, beginning 1 January 2018 a non-established of services not solely subject to the place of recipient principle in Switzerland and Liechtenstein has to register for VAT, unless the non-established business can prove that its worldwide annual revenue from supplies is less than CHF 100,000. This revenue threshold was previously limited to the territory of Switzerland and Liechtenstein and is newly extended to worldwide scope.

Emerging markets are at the forefront of the global shift from direct to indirect taxation. Reduced corporate tax rates in many countries and new or enhanced value-added-tax (VAT) or goods-and-services-tax (GST) are causing the shift.

A flurry of sign-ups in the first half of 2016 took the number of countries agreeing to introduce the minimum BEPS standards1, including country-by-country (CbC) reporting, beyond 80.

The profitability of a business is directly impacted by how its supply chain is structured. As a business moves through its own life cycle the supply chain will also evolve, for example, as procurement, manufacturing and distribution strategies change.