Singapore Budget 2019 - Goods and Service Tax (GST)

NAVIGATION

GST Rate
Tightening Of GST Import Relief For Travellers
GST Remission For S-REITs And Singapore-Listed Registered Business Trusts (RBTs)
Recovery Of GST For Qualifying Funds

1 – GST RATE

The current GST rate is 7%. As announced by the Minister in budget 2018, the GST rate will rise from 7% to 9% sometime between the years 2021 to 2025.

A summary of the past GST rates are as follows:-

Period Covered	GST Rates
* 01/04/1994 to 31/12/2002	3%
01/01/2003 to 31/12/2003	4%
01/01/2004 to 30/06/2007	5%
01/07/2007 onwards	7%

* Date GST was first implemented in Singapore

2 – TIGHTENING OF GST IMPORT RELIEF FOR TRAVELLERS

The GST import relief will be tightening this year, given the rising international travel.

The changes to the GST import relief for value of goods bought overseas by travellers will take effect from 19 February 2019 as below:-

Time spent outside Singapore	Value of goods granted GST relief
48 hours and above	S$500/- (previously S$600/-)
Less than 48 hours	S$100/- (previously S$150/-)* Date GST was first implemented in Singapore

3 – GST REMISSION FOR S-REITs AND SINGAPORE-LISTED REGISTERED BUSINESS TRUSTS (RBTs)

To ease the listing of S-REITs and RBTs in the infrastructure business, ship leasing and aircraft leasing sectors, the GST remission will be extended till 31 December 2025 (instead of 31 March 2020). All the other conditions for the GST remission remained the same.

Further details will be released by MAS by May 2019.

4 – RECOVERY OF GST FOR QUALIFYING FUNDS

To promote growth for fund management and administration in Singapore, the concession to claim GST incurred on expenses at a fixed recovery rate will be extended till 31 December 2024 (instead of 31 March 2019).

Further details will be released by MAS by May 2019.