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Daily Tax Report: International

Singapore to Tax Low-Value Imported Goods from 2023

Feb. 16, 2021, 3:25 PM

Singapore will apply its goods and service tax to imported low-value goods beginning Jan. 1, 2023, Finance Minister Heng Swee Keat said Tuesday.

Heng made the announcement as he rolled out the budget for fiscal year 2021, saying it would ensure a level playing field for local businesses.

Currently, GST is not charged on goods imported by post or air, excluding intoxicating liquors and tobacco, as long as the total cost, insurance and freight value doesn’t exceed 400 Singapore dollars ($301). But the same products purchased from local retailers are taxed at the city-state’s 7% rate....

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