Gst Article
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1238623/1/.html
Summary
This article is generally informing Singaporeans the importance and the need to declare and pay the taxes of their goods or souvenirs purchased overseas when they return home from their holidays. The items are subjected to a 7 percent Goods and Services (GST) tax regardless whether the goods purchased are for their own use or not. However, the government has implemented a form of GST relief for Singaporeans to allow them to bring a certain combined total value of goods purchased to be brought back home without having to pay tax. The GST relief is granted to Singaporeans for goods valuing up to $600, provided they spend more than 48 hours overseas. Any lesser than 48 hours spent overseas would only allow them to receive a relief of up to $150 for their purchases. In addition, tobacco products and liquor are exempted from the relief. Total value of goods exceeding the relief amount would be taxable for GST under the Customs and GST Act. Singaporeans who fail to declare purchases on arrival and pay taxes where it is due is punishable by law and may be fined and/or jailed.
Law and Legal Issues Raised
Goods and Services Tax Act (Chapter 117a)
Section 8(4) - Tax shall be charged, levied and payable on any importation of goods (other than an exempt import) as if it were customs duty or excise duty and as if all goods imported into Singapore are dutiable and liable to customs duty or excise duty.
Section 24 of the GST Act; GST (imports relief) Order
Commentary on the Law and Legal Issues Raise
The main focus of analysing this article in accordance to the relevant law issues raised is the implementation of the GST relief by the government. It is initially established that all Singaporean travellers are to declare and pay tax on all goods purchased overseas upon arriving in Singapore. This is supported by section 8(4) of the GST Act
Summary
This article is generally informing Singaporeans the importance and the need to declare and pay the taxes of their goods or souvenirs purchased overseas when they return home from their holidays. The items are subjected to a 7 percent Goods and Services (GST) tax regardless whether the goods purchased are for their own use or not. However, the government has implemented a form of GST relief for Singaporeans to allow them to bring a certain combined total value of goods purchased to be brought back home without having to pay tax. The GST relief is granted to Singaporeans for goods valuing up to $600, provided they spend more than 48 hours overseas. Any lesser than 48 hours spent overseas would only allow them to receive a relief of up to $150 for their purchases. In addition, tobacco products and liquor are exempted from the relief. Total value of goods exceeding the relief amount would be taxable for GST under the Customs and GST Act. Singaporeans who fail to declare purchases on arrival and pay taxes where it is due is punishable by law and may be fined and/or jailed.
Law and Legal Issues Raised
Goods and Services Tax Act (Chapter 117a)
Section 8(4) - Tax shall be charged, levied and payable on any importation of goods (other than an exempt import) as if it were customs duty or excise duty and as if all goods imported into Singapore are dutiable and liable to customs duty or excise duty.
Section 24 of the GST Act; GST (imports relief) Order
Commentary on the Law and Legal Issues Raise
The main focus of analysing this article in accordance to the relevant law issues raised is the implementation of the GST relief by the government. It is initially established that all Singaporean travellers are to declare and pay tax on all goods purchased overseas upon arriving in Singapore. This is supported by section 8(4) of the GST Act
References: Singapore Master Tax Guide Handbook 2012/13 http://statutes.agc.gov.sg/aol/search/display/view.w3p;query=Status%3Acurinforce%20Type%3Aact,sl%20Content%3A%22gst%22%20Content%3A%22act%22;rec=1;resUrl=http%3A%2F%2Fstatutes.agc.gov.sg%2Faol%2Fsearch%2Fsummary%2Fresults.w3p%3Bquery%3DStatus%253Acurinforce%2520Type%253Aact,sl%2520Content%253A%2522gst%2522%2520Content%253A%2522act%2522;whole=no