VATupdate

GST increase postponed and will be phased in

Singapore’s minister for finance announced in the 2022 budget that a two percentage point increase in the GST rate increase will take place in two stages from 7% to 8% on 1 January 2023, and from 8% to 9% on 1 January 2024 rather than in 2022 (for an analysis of the budget measures, see the tax alert dated 2 March 2022). In addition, changes will be made to the zero-rating of travel arranging services.

Source: BDO

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