How to Prepare For Singapore's Upcoming GST Increase
In Singapore’s Budget 2022 announcement, the Minister for Finance announced that the Goods and Services Tax (GST) rate will be increased in stages starting in 2023. While this was originally planned for 2022, the increase was delayed and shifted to two phases, from 7% to 8% from 1 January 2023 and from 8% to 9% from 1 January 2024. The revenue from this increase is to be put towards supporting the company’s healthcare costs and taking care of seniors.