- 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
Latest Posts in "Singapore"
- Comprehensive Guide to GST in Singapore: Concepts, Administration, and Schemes (16th Edition)
- IRAS Updates GST Guide for Businesses: Key Changes and New Self-Assessment Requirements
- Singapore Updates GST General Guide for Businesses in Relation to the Gross Margin Scheme
- IRAS Releases Updated Guidance for Completing GST Form F5 in Singapore
- IRAS Updates Guidance on Completing GST Returns
