Singapore- GST Updates 2023-2024

15 November 23
The Singapore GST Update for 2023-2024 outlines the phased GST rate increase from 7% to 9%, impacting consumers and businesses. Starting January 1, 2023, the rate will rise to 8%, followed by a further increase to 9% on January 1, 2024. Businesses must adjust accounting, invoicing, and pricing systems to accommodate the new rates and are encouraged to review contracts to determine GST implications. Transitional rules provide guidance on handling supplies spanning the rate change, emphasizing adjustments for payments, invoicing, and service delivery across the transition period. The document details scenarios to assist businesses in applying these rules correctly, ensuring compliance with the updated GST framework.

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11 March 24


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