For many companies looking to expand their operations internationally, Singapore is a top choice. But before you make the move into this dynamic country, it’s important to know what differentiates Singapore from other business friendly countries around the world – both advantages and disadvantages.

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold in Singapore. Recently, the Government of Singapore released their scheme to gradually raise the goods and services tax rate from 7% to 8%, beginning January 1, 2023.

Singapore (SG) has long been hailed as a model of economic success. Thanks to its low taxes, business-friendly regulations, and commitment to free trade, the city-state has consistently ranked among the world’s most competitive economies.