Goods and Services Tax

There are certain auctions whereby it's no, what do you call it, commission fee at all.

And then after that, you need to do your collection and it comes that shipping fees and then taxes, whether there's local taxes in Singapore context, GST, 9%.

And if you are like, let's say, for example, you're Singaporean, you're buying from overseas, auction house, you need to know that you need to prepare for exportation from that country.

If there's leather, there's crocodile, whatever, you need a sighting cert.

Japan also has timing windows connected to the person's arrival.

Singapore focuses strongly on GST treatment.

Used household articles and personal effects may qualify for GST relief when the person is moving residence, owns the goods, used them before import, and imports them within the required window.

Items such as alcohol, tobacco, motor vehicles, boats, and commercial goods are not treated the same way.

Pang Chuan-wa had instructed Pang Guo-lun to make false entries in his individual income tax returns for the years of assessment of 2018-2020.

Prosecutors say the 61-year-old knew that his son was liable to be registered for GST as his luxury watch business had exceeded $1 million in sales.

The elder Pang must also pay a penalty of about $1.05 million to the government's consolidated fund and more than $370,000 to tax authorities.

The younger man still has his case before the courts.

Corporate income tax remained the largest source of revenue, rising to $34.4 billion from $30.9 billion in the previous financial year, and accounts for about 35.4% of total collection.

Goods and services tax or GST was the second largest contributor, at 22.3%, bringing in $21.7 billion, higher from $20 billion previously, reflecting higher consumer spending.

Individual income tax collections rose to $20.9 billion, higher from $19.1 billion, making up more than 21.5% of total tax revenue, while property tax contributed $6.9 billion and stamp duty contributed $7.3 billion.

Meanwhile, the Straight Slaves Index rose by about 1% today to a record of 5,007 points and this was led by blue-chip banks with DBS, OCBC and UOB all in the green by more than 1%.

Yeah

And we now have GST, which is we have to charge sales tax.

Wow, okay.

Yeah.

And what you see there is a very high rate of taxes.

So GST, for example, is almost twenty to twenty-five percent.

I think if you go to Iceland, it's, uh, towards the end, uh, to around twenty-five percent or so.

But Singapore, I think, has the enviable position of not having such a high rate of GST, but still having, you know, sustainable, uh, safety net.

So I think in the next few years, there are gonna be some fundamental shifts.

I think while our population growth may slow, as PM Wong mentioned, to have that important balance, I think productivity will be very important.