Government guidance on the upcoming GST rate increase
On 7 November, the Parliament of Singapore approved the Goods and Service Tax (Amendment) bill passing two GST rises beginning 2023.
The GST rate increases will be staggered over two stages:
(i) from 7% to 8% with effect from 1 Jan 2023; and
(ii) from 8% to 9% with effect from 1 Jan 2024.
To prepare GST-registered businesses for the first rate change, the government has published the e-Tax Guide: 2023 GST Rate Change: A Guide for GST-registered Businesses, and a set of Frequently Asked Questions supplements the e-Tax Guide.