Total Value of Online Sales Transactions in Singapore and GST Revenue Lost

Debated in Parliament on 8 Jan 2018.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the total value of online sales transactions in Singapore over the past five years and the corresponding GST revenue lost.
The Minister for Finance, Heng Swee Keat, responded that there is currently no mechanism to track GST specifically for online transactions.
He noted that Budget 2017 mentioned the need to adjust GST systems for digital and cross-border trade to ensure a level playing field.
The government is studying how to align its GST framework with other countries to address this issue.
The specific figures for online sales value and GST revenue loss were not provided due to the lack of a tracking system.

Questions identified by AI (learn more)

Full Transcript

Gan Thiam Poh

Mr Gan Thiam Poh asked the Minister for Finance what is the total value of online sales transactions for each of the past five years in Singapore and what is the amount of payable GST revenue that is lost in such transactions.

Heng Swee Keat

Currently, there is no ready mechanism to differentiate and track Goods and Services Tax (GST) that is currently collected versus GST not applicable for online transactions.

As shared in Budget 2017, with increasing digital transactions and cross-border trade, some countries have taken steps to adjust their GST system to ensure a level-playing field between their local businesses which are GST-registered, and foreign-based ones which are not. We are studying how we can do likewise.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the total value of online sales transactions in Singapore over the past five years and the corresponding GST revenue lost.
The Minister for Finance, Heng Swee Keat, responded that there is currently no mechanism to track GST specifically for online transactions.
He noted that Budget 2017 mentioned the need to adjust GST systems for digital and cross-border trade to ensure a level playing field.
The government is studying how to align its GST framework with other countries to address this issue.
The specific figures for online sales value and GST revenue loss were not provided due to the lack of a tracking system.

Questions identified by AI (learn more)

Total Value of Online Sales Transactions in Singapore and GST Revenue Lost | PAPERCUTS

Total Value of Online Sales Transactions in Singapore and GST Revenue Lost

Debated in Parliament on 8 Jan 2018.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the total value of online sales transactions in Singapore over the past five years and the corresponding GST revenue lost.
The Minister for Finance, Heng Swee Keat, responded that there is currently no mechanism to track GST specifically for online transactions.
He noted that Budget 2017 mentioned the need to adjust GST systems for digital and cross-border trade to ensure a level playing field.
The government is studying how to align its GST framework with other countries to address this issue.
The specific figures for online sales value and GST revenue loss were not provided due to the lack of a tracking system.

Questions identified by AI (learn more)

Full Transcript

Gan Thiam Poh

Heng Swee Keat

Currently, there is no ready mechanism to differentiate and track Goods and Services Tax (GST) that is currently collected versus GST not applicable for online transactions.

Summary written by AI (learn more)

Gan Thiam Poh inquired about the total value of online sales transactions in Singapore over the past five years and the corresponding GST revenue lost.
The Minister for Finance, Heng Swee Keat, responded that there is currently no mechanism to track GST specifically for online transactions.
He noted that Budget 2017 mentioned the need to adjust GST systems for digital and cross-border trade to ensure a level playing field.
The government is studying how to align its GST framework with other countries to address this issue.
The specific figures for online sales value and GST revenue loss were not provided due to the lack of a tracking system.

Questions identified by AI (learn more)

Total Value of Online Sales Transactions in Singapore and GST Revenue Lost

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Heng Swee Keat

Summary

Questions Identified

Total Value of Online Sales Transactions in Singapore and GST Revenue Lost

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Heng Swee Keat

Summary

Questions Identified