Indirect tax such as sales tax, service tax and customs duties has a direct correlation with the bottom line of many businesses, thus influencing the businesses’ pricing and cashflow. It is crucial for businesses to manage their exposure and risks with respect to indirect tax and prevent unnecessary costs for maximisation of margin.

It is the intention of the Government to replace the current sales tax and service tax with a broad-based consumption tax to be known as goods and services tax [“GST”]. GST is also known as Value Added Tax [“VAT”] in some countries. Unlike the present single-stage sales tax and service tax systems, GST is a multi-stage tax, which is generally charged on the consumption of all goods and services at every stage of the supply chain, with the tax burden ultimately borne by the final consumer. Given its enormous impact on businesses upon implementation, awareness and advance planning of GST such as streamlining of businesses to cope with potential challenges are essential.

GST, also known as Value Added Tax [“VAT”] in other countries, is based on value added concept and is levied on final consumption of goods and services. Unlike the present sales tax system, the GST is a multi-stage tax. Given its enormous impact on businesses upon implementation, awareness of GST and advance planning of GST such as streamlining of businesses to cope with potential challenges are essential.

Our indirect tax services include:-

Assisting in compliance, management, planning and mitigating indirect tax exposure and risks Assisting in tariff classification, customs valuation and documentation review Assisting in indirect tax refunds or drawbacks and exemptions applications Advising on the mechanism of GST, differentiation of GST from the present sales tax and service tax systems, implementing GST

For further information about our indirect tax services, please contact our partners below:-