Rikvin Explains on Singapore GST Registration Rikvin, a leading Singapore based business registration firm assists foreign businessmen in Singapore GSTService GSTregistration. GSTis a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate for GSTis 7%. “The concept of Goods and Services Tax (GST) is patterned from Valued Added Tax (VAT) in other countries and is a new form of tax in Singapore. GST was implemented on 1st April 1994 in Singapore. The standard of GST Act is also patterned from the UK VAT legislation and New Zealand GSTlegislation. The Inland Revenue Authority of Singapore (IRAS) is a government agency that administers, assesses,collects and enforces payment of GST,” Rikvin said. Rikvin also pointed out the objective of GSTthat is to lower personal and corporate income tax rates while maintaining a fairly reasonable revenue base for the government. A brief overview on GST – definition, registration requirements, GST returns and GSTschemeswere discussed on the presentation. First, it was discussed who can register to GST. These are Sole proprietorships, Partnerships, Limited Liability partnerships, Companies, Clubs, associations, management corporations or organizations, Non-profit organizations, Statutory boards and Government bodies. Then, it was also discussed the reasons why there is a need to register for GST including the privilege to claim back the GSTincurred on their business purchases, privilege to claim GSTrefund when GSTpaid exceeds GSTcollected and privilege to claim GSTincurred on businesspurchaseswhen GSTrate increase. Lastly, Rikvin presented each of the GSTschemesincluding GSTassistance scheme, Major Exporter scheme (MES), Licensed Warehouse scheme and Zero GST Warehouse scheme (ZGS). About the Publisher:
Rikvin is a Singapore-based consultancy that offers businesssolutions for both local and foreign professionals, investors and entrepreneurs. Rikvin’s areasof expertise include assistance for Singapore company registration, offshore company setup, Marshall island incorporation, Singapore work visa, and other related corporate services. Rikvin also provides immigration services for foreign professionals wishing to relocate to Singapore. Rikvin PTELTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887 Fax (65) 6438 2436 http://www.rikvin.com