Explore About Two Standard GST Tax Rules for Foreign Companies in Singapore

by Ebos Singapore Cloud Accounting

gst filling

Every foreign or existing business in Singapore has to file for its goods and service tax, if its annual revenue exceeds to S$1 million. So, if you are running business in Singapore and its annual income is more than the threshold or lies under the GST taxes, you are suppose to apply for GST registration as soon as possible to pay goods and service taxes to the government. For applying GST tax or its filing requirements, you will have to get in touch with reputed accounting service agencies in Singapore or hire skilled charted accountants in-house the company to handle all accounting, income tax, and GST tax related matters as per the legal sections suggested by the government.

Here are two standard types of GST Tax rules have been applied by Singapore Government for foreign companies operating in the country.

Those GST tax types are:

1. Section 33 (1) Agent

First is under section 33 (1) agent, which needs to be applied to start GST services to start in the country. So, if your business lies under such act, you should apply for GST tax under section 33(1) that will permit you to pay taxes related to company’s accounts and payment related matters. Under this section, you will get complete details for payment and accounts related GST taxes applicable for your business in Singapore. So, if your company’s services are deeply involved in such matters, then you will have to pay GST tax for income generated throughout the year by dealing in matters of payment and account of clients only. If you are unable to pay such GST tax of company on time, your local agent will have to make this payment on your company’s behalf too.

2. Section 33(2) Agent

The second alternative GST tax section approved by the Singapore government is sector 33 (2) agent. The section facilitates the foreign companies that they do not need to register for GST tax, but they can appoint an agent on their behalf under section 33(2) too. Now, the appointed agent will be liable to take care of all transactions of goods and services of the company and keep track their details and payments as well. All in all, your local agent will take over the control of your company’s goods and service tax related matters and will handle them as per this GST section of Singapore government.

So, if you are running a foreign company in Singapore, you should have to apply GST registration or go for GST filing under any of the above two GST tax sections and run your company’s operation legally in the country.

If you are unable to manage goods and service taxes of company due to lack of knowledge of them and their sections, you may also take aid of reputed accounting service agencies in Singapore too. At such firms, you will get the best GST services that are followed by the standard GST rules applicable for foreign and existing companies in the country. The agencies have experienced charted accounts and corporate consultants and legal experts, who are aware of all corporate norms of GST, ACRA and IRAS authorities in Singapore and will assist you in businesses according to their norms. So, if you are not able to apply for GST filing in Singapore for your company, you should get in touch with genuine accounting service firm in the country and get the GST related matter resolved legally under the right section easily.