Personal Finance
GST on Imported Goods: You Need To Pay for Items Above $500 When You Travel More Than 48 Hours
By Seedly  •  June 30, 2022
Have you ever spotted your friend, colleague or relative carrying a new Louis Vuitton, Christian Dior or Chanel bag and wallet when they are back from an overseas trip, especially in Europe? Or, are you the one who tends or plans to splurge when you’re overseas? Now, before you go on a luxury shopping spree online or overseas, if you don’t already know, there’s actually Goods and Services Tax (GST) to be paid. what! Source: Tenor Yup, we aren’t joking. GST is applicable for overseas purchases too. If you’re jumping out of your skin, don’t worry. There are actually criteria on what would be taxed. You don’t have to pay for every luxury or branded item, so read on to find out what and how much you need to pay! TL;DR: GST on Imported Goods, How To Declare and Pay GST and if Branded Goods Are Cheaper Overseas...
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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
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