The Singaporean VAT equivalent – the Goods and Services Tax (GST) rate – was unchanged for fifteen years. However, since January this year, companies in Singapore have been facing a GST rate increase. The previous GST rate of 7% has been increased to 8%, and on 1 January 2024 will reach 9%.
This phased GST increase is aimed at collecting more funds for social services and healthcare in the country, which is currently facing the economic threats of the ageing society. Even though the increased tax percentage will support the local economy, Singapore’s GST rate will remain far below the Asian average, which is currently 12%.
Source 1stopvat
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