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January 1, 2004
IMPLEMENTATION OF REVISED GST RATE OF 5% IN SINGAPORE
The Goods and Services Tax (GST) will be increased from 4% to 5% with effect from 1st Jan 04 for all goods that are imported and cleared through the entry points.
In the event that an importer has taken out a GST payment permit at 5% but cleared his goods before 1 Jan 04, he can claim for refund of the overpayment of 1% GST from Singapore Customs through electronic filing if he is a non-taxable person. If the importer is a taxable person, he can claim the total GST paid as input tax from the Inland Revenue Authority of Singapore (IRAS).
For detailed information, please refer to Circular 39/2003 dated 24 Nov 2003 at www.customs.gov.sg.
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