- Singapore has updated its GST registration guidance with new FAQs clarifying the $1 million taxable turnover threshold and procedures for complex business arrangements. Key updates include compulsory registration when turnover exceeds S$1 million, with a two-month grace period for prospective registration starting July 1, 2025. Taxable turnover, not sales revenue, determines GST liability, excluding out-of-scope and exempt supplies. FAQs address forecasted vs. actual sales, out-of-scope supplies, property trading partnerships, directorship services, backdated registration, and changes in business constitution or acquisition. Voluntary registration is also an option.
Source: vatabout.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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