Singapore will increase its goods and sales tax (GST) as planned from January 1, 2023, from seven to eight percent. The hike is only the first of two planned increases in the GST rate as mentioned in the 2022 state budget. The second increase, also by one percentage point, will occur on January 1, 2024. GST-registered businesses must prepare adequately for the upcoming rate change, such as by updating their invoicing and accounting systems, as well as communicating clearly to customers how the GST increase will impact them.
Source: aseanbriefing.com
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