In Budget 2022, the Minister for Finance announced that the GST rate will be increased from 7% to 8% with effect from 1 January 2023 and from 8% to 9% with effect from 1 January 2024.
The raise in GST rate is a necessary and strategic decision to fund Singapore’s revenue needs. Even at 9%, the GST rate remains lower than the average of around 12% in Asia.
Source EY
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