Revision of GST Rate – with effect from 1 January 2024

The Goods and Services Tax (GST) in Singapore will rise from 8% to 9% on January 1, 2024, as stated in the Ministry of Finance’s 2022 Budget. This will impact all GST-registered companies that buy or sell products or services, including CPA Services Pte. Ltd.. 

According to the Inland Revenue Authority of Singapore (IRAS) website, CPA Services Pte. Ltd shall charge 9% GST on any standard-rated supply of goods or services made on or after January 1, 2024. CPA Services Pte. Ltd., for example, must account for GST at 9% if you issue an invoice and receive payments for your supply on or after January 1, 2024. 

As a result, we would like to remind our valued clients that invoices issued in 2023 that are not fully paid by December 31, 2023, would be subject to the new 9% GST rate beginning January 1, 2024. To avoid any difficulty, we recommend that all our clients consider making full payments ahead of this shift. To learn more about these changes, go to www.iras.gov.sg(link). 

Please get in touch with us at [email protected] if you have any questions or need assistance.