Effective 1 January 2023 and 1 January 2024, the goods and services tax (GST) rate in Singapore will increase from 7% to 8% and from 8% to 9%, respectively. Further to the announcement of the GST rate change by the Minister for Finance in Budget 2022, the Inland Revenue Authority of Singapore (IRAS) published guidelines (“e-tax guide”), “2023 GST Rate Change: A Guide for GST-registered Businesses,” to help GST-registered businesses prepare (for prior coverage of the budget measures, see the global tax alert dated 2 March 2022).
Source BDO
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