Monday, March 26, 2012

Higher GST relief for Singaporean returning from overseas

SINGAPORE: From April 1, Singaporeans returning from overseas and tourists can enjoy more Goods and Services Tax (GST) relief. Those who spend more than 48 hours abroad will be able to enjoy GST relief of up to S$600 - double the current amount of S$300.

The Singapore Customs said the amount has been revised upwards to keep pace with rising expenditures, and brings the relief amounts closer to international norms.

Those who are away from Singapore for less than 48 hours can get GST relief for goods valued up to S$150.

Customs will also do away with the age criterion for GST relief claims. Currently, the GST relief depends on the traveller's age, in addition to the time he spends outside Singapore.

Those below 18 years old currently claim a lower amount for GST relief.

The new GST relief will apply to all travellers, including children, with the exception of pass/permit holders and crew members.

All goods brought into Singapore for local use or consumption are subject to GST of seven per cent.

To minimise inconvenience to travellers bringing a small amount of goods into Singapore for personal use, they are granted GST relief based on the value of goods they bring in. Such goods include new articles, souvenirs, gifts or food items.

The GST relief does not apply to liquor, tobacco products, petroleum and goods imported for commercial purposes.


View the original article here

Source From Channel News Asia

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