- The Inland Revenue Authority of Singapore (IRAS) has announced that the GST rate will increase from 7% to 8% starting from January 2023, and then to 9% from January 1, 2024.
- Businesses should prepare in advance for the upcoming GST rate change by modifying their systems and processes, and ensuring compliance with the revised rate. Being proactive and well-prepared can help businesses avoid unexpected increases in both business and compliance costs.
- It is essential for all businesses in Singapore to stay informed about the guidance provided by the IRAS regarding the GST rate change. As tax professionals, we play a pivotal role in helping businesses navigate the complex world of taxation, and by sharing this valuable update, we contribute to the growth and success of businesses.
Source Carahuljain
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