- IRAS clarified GST treatment for gifts given to the same recipient for the same occasion.
- If total gifts exceed S$200, GST-registered businesses must account for output tax even if the gifts span different accounting periods.
- Businesses should use the open market value (OMV), not the cost of goods, when accounting for output tax on free gifts.
Source: ey.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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