Singapore
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), www.fiscalsolutions.co.uk; contact: [email protected].
