Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax (“VAT”).
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from:
- 7% to 8% with effect from 1 Jan 2023;
- 8% to 9% with effect from 1 Jan 2024.
A GST registered company is responsible for collecting GST on taxable goods and services. This is paid to the Inland Revenue Authority of Singapore (“IRAS”). With effect from 1 March 2023, Homage will be a GST registered entity.
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