Singapore Bumps Goods and Services Tax Rate by 1 Point

Singapore Customs imposed a revised Goods and Services Tax rate, increasing the mark from 7% to 8% to take effect Jan. 1, Singapore Customs announced Nov. 4. The new rate will apply to all imports and goods released from licensed premises for local consumption after Dec. 31. Singapore Customs advised importers to clear their goods by Dec. 31 for in-payment (GST) and in-payment (duty and GST) permits with the 7% GST rate, but said an extension of those permits' validity period will not be allowed for permits that expire on or after Dec. 31.