Two news caught my attention on the same day. If you buy luxury goods from overseas, remember to declare and pay GST:
“Travellers, including Singaporeans returning from overseas, will have to pay GST on the value of goods that exceeds the GST relief. GST for goods valued below $150 is not applicable for travellers who are out of Singapore for less than 48 hours. For those who are away for more than 48 hours, GST is exempt for goods valued up to $600…..Those found guilty of fraudulent evasion of GST may face a fine of up to 20 times the amount of tax evaded and/or a jail term of up to two years.”
The second news was about declaring GST too low due to fake goods, which are chargeable under the Trade Marks Act.
So fellas, like what they say in the NS: “Do anything you want but don’t get caught”. You have been warned!