For instance, a retroactive increase in the transfer price of goods sold is effectively an increase in the GST value of the supply of these goods. The increased value, accordingly, must be duly reported in GST returns.
If the goods were exported and existing export documentation is not sufficient to support the adjusted price of the goods, it is not clear how the tax administration (IRAS) would accept these documents for purposes of “zero-rating.” The customs value of the imported goods would increase due to the “true-up adjustment.” Thus, importers would be required to take up a short payment permit, to pay the additional import GST to Singapore Customs.
Read a February 2016 report [PDF 231 KB] prepared by the KPMG member firm in Singapore: Summary of goods and services tax (GST) updates impacting businesses in Singapore
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