GST | Reverse Charge and Overseas Vendor Registration: What do they mean for my business?
Previously, there was a disparity in GST treatment between locally-procured services and imported services. Services that are imported from overseas are not subject to GST, unlike those procured from local suppliers, which has resulted in unfair competition. Hence, with effect from 1 Jan 2020, the Reverse Charge (RC) mechanism and Overseas Vendor Registration (OVR) regime were introduced to level the GST treatment for ALL services consumed in Singapore. Reverse Charge Local b