GST In The Digital Economy (TAX274)

Digitalization has changed our way of life. The COVID-19 restrictions have pushed the demand for digital goods and services in manifolds. GST is no longer a domestic tax, and it has since progressed beyond the boundaries.

What are the new GST rules that Singapore has adopted to protect the GST revenues and level the playing field between domestic businesses and their overseas counterparts?

This half-a-day session aims to give an overview of the GST taxing tools and taxing framework in areas specific to the digital economy: reverse charge, overseas vendor registration regime; digital tokens, digital payment tokens, cross-border digital and non-digital transactions (including low-value goods and remote services), through case studies.

Programme Outline:

• GST Challenges faced in a digital economy
• Definition of goods and services in the digital economy
• The taxing tools – Reverse Charge and Overseas Vendor Registration Regime
• Digital tokens and digital payment tokens
• Cross- border transactions in the digital economy
• The Singapore GST Taxing Model in the digital economy

On the completion of this course, you will:

• Appreciate the rationale in leveling the playing field
• Understand the GST taxing mechanism in the digital economy
• Grasp the characteristics of the specific products in the digital economy
• Comprehend the respective GST treatment of the specific products in the digital economy