GST rate changes; In Budget 2022, the Minister for Finance announced that the GST rate will be increased from
- 7% to 8% with effect from 1 January 2023 and
- 8% to 9% with effect from 1 January 2024
The revenue from the increase in GST will go towards supporting our healthcare expenditure, and to take care of our seniors.
For more information, Overview of GST Rate Change from IRAS website.
Learn more about how business in Singapore that are Goods and Services Tax (GST) registered and use Moneyworks Accounting Software change its GST Rate.