GST Rate change from 8% to 9% on 1 Jan 2024
For any standard-rated supplies of goods or services that you make on or after 1 Jan 2024, you must charge GST at 9%. For instance, if you issue an invoice and receive payments for your supply on or after 1 Jan 2024, you must account for GST at 9%.
If you are a GST-registered business that is subject to reverse charge (“RC business”), you must account for GST at 9% on the services you procure from overseas suppliers (“imported services”) on or after 1 Jan 2024.
However, the special transitional rules for supplies that spanned the first change of rate from 7% to 8% will similarly apply to supplies that span the second change of rate from 8% to 9%.
Please contact us if you need any assist with GST advisory or the submission of GST.
Email: info@epics.sg
Phone: +65 84892620
Recent Blogs
Tax Treatment between a Sole Proprietorship and a Company in Singapore
Taxation of Sole Proprietorship Sole Proprietorship is not considered a separate legal entity from the owner. The Business income is treated as the ...
Precious Stones and Precious Metals Act: Compliances for Regulated Dealers in Singapore
Introduction Singapore, often referred to as the “Lion City,” is not only a global financial hub but also a thriving market for precious ...
Outsourcing of Bookkeeping Services
Considering the increasing cost of running a business which is contributed by the rising of the labour costs and cost of materials, business owners ...
Incorporating a Variable Capital Company in Singapore
Introduction Singapore’s reputation as a global financial hub continues to grow, attracting investors and fund managers from around the world. ...
Business Combination
The merger and acquisitions are quite common as some of the larger corporations are seeking business opportunities beyond organic growth. IFRS 3 : ...