Singapore Tax Authorities Reports Revenue Increase

The Inland Revenue Authority of Singapore (IRAS) reported that tax revenue for the city-state increased by 6.8% compared with last year. The IRAS mentioned that the increase in fees was because of economic growth in 2017, which was 3.7%. Due to the growth in the number of real estate transactions, the revenue from stamp duty increased by 49.6%.

Also, the representatives of IRAS stated that from January 1st 2020, imports of digital services will be subject to GST. It is worth noting that in order to introduce such changes, the IRAS held consultations with more than 850 enterprises.