Singapore's Tax Refund Rectifying SGD 7.5 Million in GST Overpayments

Singapore’s Tax Refund: Rectifying SGD 7.5 Million in GST Overpayments

Last Updated on: 15th February 2024, 01:45 am

The Ministry of Finance in Singapore announced on February 14, 2024, that taxpayers will be refunded SGD 7.5 million (USD 5.5 million) due to inaccurately charged Goods and Services Tax (GST). This refund follows an internal review revealing that 18 fees collected by six government agencies were mistakenly subjected to GST.

Singapore Set to Return SGD 7.5 Million Overcharged in Goods and Services Tax

The authorities have taken immediate steps to correct the error and ensure affected taxpayers receive rightful refunds, with disbursements starting in March and covering eligible transactions from 2019 onward.

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Singaporean law requires GST-registered entities to keep records for up to five years, aiding in identifying those wrongly levied. In cases where the five-year timeframe has passed, government agencies will proactively issue refunds if they have the necessary records.

This swift response by the Ministry of Finance underscores the government’s commitment to transparency and fairness in tax administration, demonstrating its dedication to maintaining a robust and equitable tax framework.

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