Singapore- GST To increase Up To 8% from January 1st, 2023
The GST rate rise has been confirmed by the Singapore authorities. The future rate rise had originally been announced in Budget 2018, but a phased approach is now being confirmed with the rate of GST first increasing up to 8%, effective from January 1, 2023 and then up to 9% from January 1, 2024.
All business with activity in Singapore should consider the following:
– Ensuring customers, suppliers and employees are aware of the change and the impact on them and GST sensitive processes.
– Make sure the relevant changes are made to their ERP and Billing systems.
– Take into consideration the impact of pricing and whether GST is passed on to customers.