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SINGAPORE: Imported Digital Content and Online Services Set to be Taxed

A wide range of imported digital content and online services are set to be taxed from 1 January 2020. This will see the country’s Goods and Services Tax (GST) applied to all overseas-sourced digital services, including marketing, accounting, information technology and management. It will also be levied on a number of B2C services, such as video and music streaming, listings on electronic marketplaces, mobile phone applications and downloaded software, as well as on subscriptions to online content and databases. The tax, however, will not apply to any physical goods imported via e-commerce channels as long as they are valued at no more than S$400 (US$304).

In order to facilitate this change, all overseas vendors with an annual global turnover of more than S$1 million and whose revenues from the sale of digital services in Singapore exceed S$100,000 will be required to register with the Inland Revenue Authority of Singapore.

Content provided by Picture: HKTDC Research
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