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Singapore Updates e-Tax Guide and FAQ on Upcoming GST Rate Change — Orbitax Tax News & Alerts

The Inland Revenue Authority of Singapore (IRAS) has published updated guidance on the upcoming changes in the GST rate as announced in the 2022 Budget, which includes an increase in the GST rate from 7% to 8% from 1 January 2023 and to 9% from 1 January 2024. This includes an updated IRAS e-Tax Guide, 2023 GST Rate Change: A Guide for GST-registered Businesses (Third Edition), with further clarification on the price display requirements, and an updated Frequently Asked Questions for Businesses – GST rate change 2023, with additional questions concerning:

  • Import permits taken up at 7% GST before 1 Jan 2023 but goods cleared and imported into Singapore on/after 1 Jan 2023;
  • Hotel stays straddling the rate change date;
  • Goods sold on consignment terms;
  • Several questions on invoicing;
  • Volume rebates for supplies made before the rate change; and
  • Documentary evidence for an election to account for GST at the old GST rate for reverse charge supplies.

The updated guidance also includes other editorial changes.