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Motor cars that are for business use or staff’s use (“business use tax treatment”) Expenses incurred on such cars are not tax deductible (under Section 15(1)(k) of the Income Tax Act (“ITA”)). Profit on disposal is not taxable; loss is not tax deductible.
• If the vehicles are subsequently sold in Singapore, GST is payable on the CIF value or the selling price, whichever is the higher, plus customs duty. 5 Price Display 5.1 For sale of motor vehicles to the public, you must display, advertise, publish or quote GST-inclusive prices. For example, you may advertise the GST-inclusive
If you are not a motor vehicle dealer or did not meet the conditions under the Gross Margin Scheme, you should use the Discounted Sale Price Scheme. Under this scheme, you are required to charge GST on 50% of the selling price when you sell the used vehicle.
2 dni temu · This Income Tax Guide for Foreigners in Singapore 2024 provides a comprehensive overview of tax obligations, residency status, tax rates, filing deadlines, and key deductions. Whether you're a new expat or have been residing in Singapore for some time, this guide will help you navigate the tax system smoothly and maximise the available benefits.
5 kwi 2023 · Table of Contents. What to Do Before Selling Your Car in Singapore. 1. Clean Your Vehicle. 2. Check for Damage and Make Necessary Repairs. 3. Get a Free Car Valuation. 4. Gather the Needed Paperwork. What to Do After Selling a Car in Singapore. 1. Remove Personal Information. 2. Repay Your Car Loan. 3. Cancellation of Car Insurance and Refund. 4.
Next, you must apply for Singapore customs to assess the vehicle’s customs value and pay an excise duty (20% of the car’s OMV) and Goods and Services Tax (GST – the Singaporean version of VAT). The GST is usually 7% of the combined total cost, insurance and freight (CIF), and excise duty.
Taxable income includes income from a business, salary from employment, interest earned on deposits, rental income, royalties, and profits from property. Capital gains are not taxable in Singapore. Tax forms are sent to the individual's postal address annually.
