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:

• Invoice was issued before 1 January 2023; and/or

• 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:

• Invoice was issued on or after 1 January 2023; and

• Payment was made on or after 1 January 2023;

• Services have neither been fulfilled nor payment received for the invoice issued before 1 January 2023.

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9% GST rate is applicable if:

• Invoice was issued on or after 1 January 2024; and

• Payment was made on or after 1 January 2024;

• Services have neither been fulfilled nor payment received for the invoice issued before 1 January 2024.

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