Israel
From 1 January 2024, the Israeli government plans to impose a VAT charge of 17% on the sales of e-services to consumers by non-resident businesses.
At present, non-resident businesses providing e-services in Israel don’t have to charge VAT on their sales. However, to remove the unfair advantage this gives to non-resident companies, the Israeli government has proposed that VAT at 17% will be applied to these types of transactions.
This follows a proposal from the government back in 2016, and if introduced, the new tax will apply to a range of e-services, including streaming games, music, apps, films, e-books, e-journals, and internet services.
Malaysia
The Malaysian government recently announced that reforms to remove the Import Sales Tax exemption on goods bought from outside the country have been suspended.
In Malaysia, there is currently an Import Sales Tax exemption threshold set at RM500 (approx. £100), which allows importers to purchase goods free of sales tax from non-resident companies up to this value.
This exemption was due to be removed from 31 March 2023.
Singapore
The Singaporean parliament has confirmed that the country’s Goods and Services Tax (GST) rate will rise from 8% to 9% from 1 January 2024.
This follows the GST rate increase implemented on 1 January 2023, which increased from 7% to 8%.
For information regarding GST registration in Singapore, please click here.
The above information was kindly provided by Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: [email protected].
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