New GST changes from Budget 2021

Hi Singapore collectors,

Would like to summarise the key points from the recent Budget Day that will affect this hobby.

It was announced on 16 February 2021 in the Budget 2021 that the GST (Goods and Services Tax) will be imposed on imported low-value goods (worth $400 and less) from 1 January 2023.

Currently, such goods imported via air or post are not subject to GST.

GST increase will not happen in 2021. But it was stressed in the Budget speech that the GST increase will not be put off for too long. The increase would happen "sometime during 2022 to 2025, and sooner rather than later, subject to the economic outlook."

The details will be announced at a later date, and I'll update this post if I can!

Haha wow, a new post in this club. XD

Yeah, I'm personally looking to switch to a local shop like La Tendo/OtakuHouse or others when pre-orders start crossing an estimated 2022 June release date for the 2023 import GST.

Shipping prices have just been going up and up too, so it might be a better alternative in the future.

The eventual raise of GST well, can't do anything about that. :(

Foleosy • 13 days ago • #92344711Haha wow, a new post in this club. XD
Yeah, I'm personally looking to switch to a local shop like La Tendo/OtakuHouse or others when pre-orders start crossing an estimated 2022 June release date for the 2023 import GST.
Shipping prices have just been going up and up too, so it might be a better alternative in the future.
The eventual raise of GST well, can't do anything about that. :(

paiseh I think more local collectors are active on fb groups than here. anyway I hope that local stores would not take the opportunity to further mark up their goods when the GST for importing items less than $400 starts