Company to open office in Singapore by year’s end to help with increased demand Eurora Solutions, the provider of a leading AI/ML-powered (artificial intelligence/machine learning) cross-border trade compliance platform, is alerting its US-based clients about upcoming regulation changes in Singapore. Beginning January 1, 2023, the Singapore goods and services tax (GST) exemption on low-value goods import (with a value up to S$400 or USD 282) will be discontinued and the current GST rate rises from 7% to 8%. Foreign businesses with an annual global turnover in excess of S$1 million (USD 70.5 million) and local suppliers selling low-value Singaporian consumer goods delivered from overseas, with a yearly revenue above S$100,000 (USD 70,500), will need to register under the overseas vendor registration (OVR) program and collect 8 percent GST on B2C sales of low-value import goods to consumers in Singapore. According to the U.S. Department of Commerce’s Bureau of Industry and Security (BIS), U.S. exports to Singapore totaled $35.8 billion in 2021, a 32.8% ($8.8 billion) increase from 2020. In 2021, the most traded commodity sectors of U.S. exports to Singapore were machinery and mechanical appliances; oils, minerals, lime and cement; and chemicals, plastics, rubber and leather goods. With Eurora, registration for the program takes as little as two hours, and thanks to the company’s AI/ML-powered technology, Eurora can offer its services at a quality and price point which is unmatched by other service providers. Eurora’s tax consultants help businesses navigate the changes in legislation so the companies can focus on growing their business. You can read more insights on GST in a recent Eurora blog. The GTS extension is similar to changes introduced by the EU in 2021 and Eurora helped many companies successfully navigate that transition. Eurora, through its wholly-owned subsidiary GTS Express (a Singapore-based logistics provider), is ideally placed to make adherence to the new legislation seamless for affected businesses. Guy Figon, CEO of GTS Express, said: “Eurora is well positioned to support companies with the implementation of the new laws as the changes are similar to the ones introduced by the EU in July 2021. Eurora’s team of tax experts will take responsibility for the overseas vendor registration program without companies having to navigate the paperwork. Additionally, our proprietary AI/ML-powered cross-border compliance platform calculates the GST and automates the filing of the necessary documentation with the Singaporian customs authorities, allowing companies to focus on their core business.” Chris Lentjes, CEO of Eurora’s US Operations, said: “This change is going to impact many US companies and it can seem overwhelming to figure out how to start the process and ensure adherence to the regulations. That’s why Eurora was created and we look forward to helping companies get started and letting them focus on the many opportunities available in Singapore.” The rate increase from 7% to 8% was announced earlier this year amid high inflation and increased expenses due to an aging population and Covid. The rate is set to increase to 9% in January 2024. Eurora plans to open a Singapore Central office by the end of the year to meet the projected surge in demand for the region.