The Inland Revenue Authority of Singapore (IRAS) has recently published comprehensive guidance regarding the upcoming Goods and Services Tax (GST) rate change from 8% to 9%, which will take effect on 1 January 2024.
The guidance issued by IRAS explains the general transitional rules applicable to transactions spanning the rate change, which covers crucial aspects such as the time of supply rules, the GST rates chargeable and provides information on the issuing of invoices, credit notes and other requirements. To effectively manage the impact of the rate change, it is imperative that GST-registered businesses remain proactive and well-informed to ensure a seamless transition, as well as maintain compliance with their GST obligations.
Our tax experts at Taxise Asia LLC (WTS Taxise) are committed to assisting you in navigating these changes as you drive your business towards success in Singapore’s dynamic marketplace. If you have any inquiries or require assistance with understanding the upcoming GST rate change, please do not hesitate to reach out to our experienced team – we are here to provide the support you need.