The Singapore Government has announced that the goods and services tax (GST) rate increase will be staggered over two steps over the next two years:
- 8% GST from 1 January 2023
- 9% GST from 1 January 2024
With effect from 1 January 2023, all registrations and payments made will subject to the prevailing GST of 8%.
The increase of 1% GST on fees will be absorbed for Singapore Citizens in 2023.