Singapore: Deferment of GST administrative concession removal for recovery of overseas brokerage fees and costs

Removal of GST administrative concession for recovery of overseas brokerage fees and costs is deferred to 1 January 2023

Deferment of GST administrative concession removal for recovery of overseas brokerage fees

The Inland Revenue Authority of Singapore (IRAS) announced that the removal of the goods and services tax (GST) administrative concession for the recovery of overseas brokerage fees and related costs on shares traded on overseas exchanges is deferred to 1 January 2023 (from 1 April 2022 (originally 1 October 2021)). Read TaxNewsFlash

The IRAS decided to defer the removal of the GST administrative concession in view of the feedback from affected parties who were unable to effect this change by April 2022. The IRAS has indicated that this extension is final.

Read a June 2022 report [PDF 360 KB] prepared by the KPMG member firm in Singapore

 

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