Transaction Volumes, and Import and GST Collections from Collectible Trading Cards

Parliamentary Question by Mr Cai Yinzhou:

To ask the Prime Minister and Minister for Finance for each of the past three years (a) what is the value of collectible trading cards imported, and the import GST collected; (b) what is the value of GST and income tax collected from local trading of such cards; and (c) how many GST-registered businesses trade such cards.

Parliamentary Reply by Second Minister for Finance, Mr Jeffrey Siow:

The Companies Act requires each company to have at least one director who We do not have the data requested by the Member, as the Government does not track the sale and importation of goods at this level of detail for tax administration purposes. Nonetheless, income tax applies to businesses that trade in such cards. GST is payable on the import of such cards, and is also applicable on local sales if the business is GST-registered.