Careers
2023
On and after
1 January 2023
Singapore’s GST prevailing rate increased from 7% to 8%
2024
On and after
1 January 2024
Singapore’s GST prevailing rate will be increased from 8% to 9%
Overview of Goods & Services Tax (GST) Rate Change
In Budget 2022, the Minister of Finance announced that the GST rate will be increased from 7% to 8% with effect from 1 January 2023 and from 8% to 9% from 1 January 2024.
7% GST rate is applicable if:
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Invoice was issued before 1 January 2023; and/or
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Payment (partial or full) was made before 1 January 2023. This includes payment made in 2022 regardless of when the invoice was issued.
8% GST rate is applicable if:
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Invoice was issued on or after 1 January 2023; and
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Payment was made on or after 1 January 2023;
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Services have neither been fulfilled nor payment received for the invoice issued before 1 January 2023.
9% GST rate is applicable if:
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Invoice was issued on or after 1 January 2024; and
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Payment was made on or after 1 January 2024;
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Services have neither been fulfilled nor payment received for the invoice issued before 1 January 2024.