08th January 2024
Tax changes in Singapore and Norway which may affect your shipments
We have an important update for you about various tax changes in Singapore and Norway which may affect your shipments.
Norway
Please be advised that with effect from 1 January 2024, the low-value threshold of NOK 350 will be removed and VAT will be applicable on all goods sent to Norway.
Singapore
Effective from 1 January 2024, the Singaporean government will be raising their National Rate Tax (GST) from 8% to 9%. The Duty threshold will remain at SG$400 where shipments below SG$400 will not require GST payment, except for controlled items.
If the importer has obtained an in-payment permit with an 8% GST rate but is unable to clear their goods by 31st December 2023, they can still use this permit after the date as long as it remains valid. However, the importer must also apply for a GST Short-Payment Permit (SPGST) to address the 1% GST shortfall for their goods before clearing.