Singapore Tax Agency Updates Guidance on GST Treatment of Gifts, Samples

The Singaporean Inland Revenue Authority June 4 updated guidance on the GST treatment of gifts and samples. Topics covered include: 1) businesses aren’t required to account for output GST on gifts if total value, excluding GST, per occasion per recipient doesn’t exceed S$200 (US$155), or the business didn’t claim input GST on the gift’s purchase or import; 2) special rules apply for gift vouchers; 3) new clarification on determining the open market value (OMV) of goods purchased from unrelated suppliers and intended as gifts, or not originally purchased as gifts; 4) procedures for businesses to calculate output GST themselves, or ...