The Inland Revenue Authority of Singapore (IRAS) has published guidance on Preparing for GST Rate Change. As announced in the 2022 Budget, the GST rate will be increased from 7% to 8% from 1 January 2023 and to 9% from 1 January 2024. Although the legislation for the change is pending, the IRAS encourages taxpayers to prepare. The main points of the guidance are as follows:
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GST rate to apply
Generally, you should charge GST at the prevailing rate at the time of supply. Hence, if you …