A Nominated MP has suggested exempting high-value art sales from the goods and services tax (GST), to boost Singapore’s drive to become a leading arts market hub.
Speaking at the end of the Parliament sitting on Nov 22, arts NMP Usha Chandradas noted that Singapore witnessed double-digit growth in art sales in 2022.
She pointed out that Hong Kong, long a leading art auction hub in the region, does not charge GST or other value-added taxes.