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2021 Budget tax developments | Dentons

2021 Budget tax developments | Dentons
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Accelerating digital transformation and skills: key takeaways from Singapore's Budget 2021

The government plans to hire more than 200,000 locals and provide up to 35,000 traineeship and training opportunities
The Singapore government announced its Budget 2021 aimed at helping families, workers and businesses weather the Covid-19 pandemic.
There was a big focus in the budget on digital transformation and upskilling workers to prepare for the shift to digital, which has been accelerated by the pandemic.
“As a small, open economy, Singapore’s economic recovery is contingent on how the global situation plays out. Not everything is within our control. We need to adapt nimbly to the wide range of possible outcomes,” said Singapore’s deputy prime minister and finance minister Heng Swee Keat. ....

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Budget 2021: S'pore to impose GST on goods bought online imported by air or post

GST will also be extended to imported non-digital services for consumers, such as those involving live interactions with overseas providers of fitness training, counselling and tele-medicine.
This will help to level the playing field for local businesses to compete effectively, said Deputy Prime Minister Heng Swee Keat on Tuesday (Feb 16).
Low-value goods that are worth $400 or less and imported via air or post are currently not subject to GST to facilitate clearance at the border, but the tax is paid on such goods bought here.
All goods imported via land or sea are already taxed, regardless of value.
DPM Heng said: One aspect of a fair and resilient tax system is ensuring a level playing field for our local businesses vis-a-vis their overseas counterparts. This is especially relevant, as e-commerce for sales of goods and services is growing. ....

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