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Singapore is the easiest place in the world to meet GST rules, study finds
Singapore is the easiest place in the world for businesses to meet GST rules, a new study by the University of New South Wales Sydney and KPMG has found.
The study analysed the tax compliance burden for GST (also called VAT) of 47 countries worldwide, and found that Singapore had the lowest costs among all the countries in 2017.
Australia, Costa Rica, New Zealand and South Africa shared second place, while Belgium, Brazil, Luxembourg and Turkey came in last.
Tax compliance burden refers to the money and time spent by businesses to meet tax regulations.
Among the factors considered were the administrative burden of filing taxes, if online registration was available, the speed of tax returns, and if the revenue authority had a website or phone helpline.
Singapore ranked highly for its low number of administrative obligations and “exceptional” system of making court rulings on GST disputes available in under one month, compared to an average of over two months for other countries.
The republic first implemented GST in 1994. The tax, which is paid by consumers, covers most goods and services, with the exception of plane tickets, financial services, precious metals, exports, and the renting or buying of property.
While the GST rate currently stands at seven per cent, this figure is expected to rise to nine per cent by 2025.
Source: https://www.businessinsider.sg/singapore-is-the-easiest-place-in-the-world-to-meet-gst-rules-study-finds/