On or about 30 Jul 2021, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of the e-Tax guide, GST: Taxing imported low-value goods by way of the Overseas Vendor Registration Regime.
The Minister for Finance has announced in his Budget 2021 that GST will apply to imported low-value goods in respect of business-to-consumer (“B2C”) transactions by way of extending the overseas vendor registration regime with effect from 1 Jan 2023.
This e-Tax Guide explains the features of the overseas vendor registration regime for imported low-value goods (“LVG”), and the related GST registration and reporting rules. It also covers the compliance guidelines, as well as the transitional rules applicable to transactions spanning the implementation of the registration regime on 1 Jan 2023.
Source: IRAS, 7 August 2021