With effect from 1 Jan 2020, the Inland Revenue Authority of Singapore implemented the reverse charge regime (RC) which brings to tax Business-to-Business (“B2B”) supplies of imported services. A person who is subject to reverse charge is an “RC Business”, and has to account for output GST on the value of the imported services as if it was the supplier and also claim the corresponding GST as input tax, subject to the normal input tax recovery rules.

Our Branch is an RC Business and we have established the necessary procedures to fully comply with this requirement. Our imported services are mainly SWIFT, Bloomberg & Reuters subscription.