- Singapore has increased its goods and sales tax (GST) rate by one percent to nine percent as of January 1, 2024.
- The increase in GST is to cover the country’s medium-term needs and rising healthcare costs.
- Singapore is expected to spend S$59 billion on healthcare by 2030 due to its aging population.
- GST-registered businesses should update their systems, pricing schedules, cash registers, and contracts to accommodate the new rate.
- Employees should be equipped with relevant GST knowledge and professional advisors can assist in applying for relevant GST schemes.
Source: aseanbriefing.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
