Preparing for GST Rate Change
from 7% to 8% in 2023
As the GST increase is set to take effect in less than 3 months, it is critical that you start your preparations for the impending rate change immediately. The cost of non-compliance with GST rules will be hefty and this needs to be carefully managed.
The last GST rate change (from 5% to 7%) occurred more than 15 years ago, in 2007. Many would have forgotten the experience and some might not have even entered the workforce then. Come 1 January 2023, the GST rate in Singapore will be raised again, this time from the current 7% to 8%.
To ensure that you are well-equipped with the knowledge and best practices in preparing for the GST increase, we are delighted to launch a special 1-for-1 offer for all virtual sessions in December 2022.
Key Learning Points
- Overview of GST
- Time of Supply Rules
- GST Rate Change for Goods and Services
- GST Rate Change for Continuous Supply of Services
- GST Rate Change Exercises
- Payments Received before or after 1 January 2023