Goods and Services Tax (Amendment) Bill
- The Bill introduces GST on imported digital services, effective from 2020, using a Reverse Charge for B2B transactions and an Overseas Vendor Registration regime for B2C services to level the playing field with local suppliers.
- It enhances IRAS’s investigative powers for GST crimes, including forced entry and arrest, and allows sharing of tax information with law enforcement agencies to combat serious crimes.
- The Bill strengthens penalties for unauthorised GST collection, introducing custodial sentences for negligent offences to protect consumers and deter abuse.
- MPs raised questions on implementation challenges, differential GST rates for luxury items, and extending GST to online goods, but the Minister defended the single-rate system paired with targeted assistance like the GST Voucher scheme.