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Netflix, Amazon Prime Video, Spotify to become taxable

Singapore government is all set to implement Goods and Services Tax (GST) on online services sometime in between 2021 to 2025 which means subscribers will have to pay more for the online streaming platforms such as Netflix, Amazon Prime Video, Spotify, etc. Online software purchases and cryptocurrency business will also be under the taxable category.

Ministry of Finance, Singapore, quoted, “With the advent of technology and the digital economy, it has become increasingly common for services consumed in Singapore to be obtained from overseas suppliers, which are able to deliver such services without a presence in Singapore.”

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