Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

W

Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Zero Rated Supplies

Zero-rated supply (either products or services) has a 0% GST rate, which means that buyers do not have to pay any GST on them.

Zero-rated supplies are still eligible for input tax credits, and enterprises can claim input tax when purchasing them. This enables them to deduct input tax from the amount of GST they must remit.

Which Are the Zero-Rated Supplies?

Zero-rated supplies are used to make a different end product and are a significant part of the supply chain. To avoid overburdening enterprises with taxes, they’re zero-rated.

Furthermore, in some nations, some commodities considered vital (such as food, medicine, water, and so on) are zero-rated, making them more accessible.

Many governments use zero-rate exports to encourage the export of goods and services to other countries and make them more appealing to an international clientele.

When Should You Be Charge a GST of 0% (Zero-Rate) in Singapore?

International Services Providing

If your services fall within the criteria of Section 21(3) of the GST Act, they are considered foreign services and are zero-rated (i.e., no GST is payable). 

You may be required to determine your customer’s belonging status (i.e., whether the customer is a local or an overseas company) before your supply of services can be zero-rated, depending on the nature of your services.

Goods Exportation

When you are confident that at the point of supply (depending on the time of supply for exports), you can charge GST at 0%, if:

  • The items provided will be or have already been exported; and
  • You have all of the necessary paperwork to support a zero-rating request.

Please assess the Guide on Exports (Seventh Edition) for scenarios that the export arrangement falls under to ascertain the relevant list of documents suppliers must retain to substantiate any zero-rating of the supply.