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World VAT/GST News

World VAT/GST News – October 2023

By October 31, 2023No Comments


The Singaporean Inland Revenue Authority has issued new guidance on the implementation of its GST rise to 9% from 1 January 2024.

The guidance mainly focuses on the importance of determining whether the supplies take place on 31 December 2023 (or before) and on 1 January 2024 (and later) and confirms that if the invoice is issued or payment is received before 1 January 2024, then the 8% GST rate should be applied.

This increase follows the GST rate rise implemented on 1 January 2023, which saw an increase from 7% to 8%. 

The above information was kindly provided by Fiscal Solutions (UK),; contact: [email protected]